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memories · Joined: 12 Oct 2009 Posts: 16 3.87 Dollars($)

A housing credit counselor from the "Making Homes Affordable Program" told me that an option for my mortgage problems is for my loan to get sold to a different lender that will do a modification since my lender does not participate in the loan modification programs. Can somebody explain to me what and how that works please? I know that the lender that I have now, bought my loan from Homestate without me knowing or giving me a notice (there was a confusion on where I should mail my payments at first... especially not having monthly statementssent to me , up to now I'm still not receiving any statements from my lender.) Please help and thank you

nicklees · Joined: 29 Nov 2009 Posts: 16 3.41 Dollars($)

You cannot sell or transfer your loan, only your lender can. Lenders will sell loans to increase liquidity and sometimes your loan will transfer if that lender goes out of business. I believe that the MHAP Counselor intended to convey that to you. There is no way to know if that will happen again.

adonis · Posted: Tue Dec 01, 2009 11:02 pm Post subject:

Hi memories,

I haven't heard of any such thing as selling the loan to a different lender in order to get a mortgage modification. As far as I know, you'll get a loan modification by negotiating with your lender. Before taking any step, I would suggest you to speak to your lender and check out his opinion.

memories · Joined: 12 Oct 2009 Posts: 16 3.87 Dollars($)

Thanks for the info guys Smile

@ Adonis I have spoken with my lender and they don't participate in the loan modifications and because of my payment history they are not willing to work wth me:(

smithsussane · Posted: Wed Dec 02, 2009 10:17 pm Post subject:

Hi memories!

Welcome back to forums!

You can sell off the property if it's possible for you. You can apply for a deed in lieu of foreclosure. This will help you in getting rid of the property. Moreover, you won't be responsible for the balance amount. However, your credit score would go down by 250 points.

Feel free to ask if you've further queries.

Sussane

jeffreyfrog · Joined: 03 Dec 2009 Posts: 3 1.33 Dollars($)

Hi ,

It is possible that you can buy ur own mortgage at a reduced price. Its called discounted bills. BUt you will have to seek the approval of the liquidator and the creditors .

mortgage advice["http://themortgageguide.net"]

[Link deactivated as per forum rules. Thanks.]

Posted: Sun Dec 06, 2009 3:35 pm Post subject:

Loan Mods are changing so much, are you sure your servicer said no, as i get that call to me all the time that their banks says no but then our attorneys figure out how to do the loan mod. You are right, that if it is sold to another servicer that will do the mod it can happen. I do know many credit unions don't do mods but they also don't sell their loans. Most banks that don't do mods don't sell their loans.

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Can you sell your own mortgage to a lender?