mortgage transfer

Hi robertsmith,

Mortgage companies can sell off your loan to another lender. I don't think they would require your permission on that. However, the lender will have to inform you that he is transferring your loan to a different lender.

Hi robertsmith,

Mortgage lenders do transfer loans to other servicers or companies out there in the market. It is actually legal and the lender needn't take borrowers' permission to do so. However, the lender servicing your mortgage or collecting payments from you need to send you a notice stating that your loan has been sold off. It is essential for you to know the contact details of the new servicer as because in most cases, the new servicer takes over the responsibility of collecting your monthly payments. Moreover, in case you're in payment problems, you'll have to co-ordinate with the new servicer.

May god bless you.

Samantha

indeed, this is standard practice in the industry.

robertsmith2005

I do tno think you need to worry about this, as logn as your terms do nto change.

Good luck afeel free to ask.