Regions sold my mortgage.

**MiikeB** · 07-22-2008, 04:01 AM

It is very common for this to happen. Possibly your mortgage was put in a batch to increase the value of it since you have a good payment history, or possibly they just needed to raise capital so they sold it.

My mortgage was sold but I still send the money to my bank I started with, as they are the servicing company.

**FrugalFish** · 07-22-2008, 06:03 AM

Don't take it too personally. Loans get bought and sold all the time. My FHA loan was sold during the booming market- the original company held it about 2 years longer than I had expected them to. If you look through your original paperwork on the loan, there will be disclosure paperwork on what percentage of your MC loans were sold to other companies the year before your loan originated. Ours sold 99%.

A word to the wise though, as you start receiving paperwork about your transition, keep it all in one location. Our transition had some minor glitches and having all the paperwork together helped a great deal.

**simpleyme** · 07-22-2008, 06:04 AM

nothing personal i am sure,we are all just numbers

I was thrilled when our bank decided to keep our loan in house,I sure hope they do not sell ours ,like you I like going in and paying in person

**disneysteve** · 07-22-2008, 07:04 AM

It isn't personal at all. Mortgages get sold all the time. We have been in our house 14 years and have refinanced a couple of times. All together, we've probably had 6 or 8 different mortgage companies. It makes no difference at all to the customer. All that matters is where you send the payment.

**JanH** · 07-22-2008, 07:04 AM

Years ago, ours was sold before we even made the first payment. Fortunately, they sold it to a bank with a local branch and we were better off. I do like being able to go to the bank in person now or pay extra online. That is nice. Hope your transition goes well.

**PrincessPerky** · 07-22-2008, 07:26 AM

Originally posted by JanH View Post

Years ago, ours was sold before we even made the first payment. ..,.. Hope your transition goes well.

ours to. We were told to expect it actually.

ditto the luck

**bjl584** · 07-22-2008, 08:36 AM

Mine was just sold a few months ago. I must say that I am much happier with the new company. They have excellent customer service, and a great website.

**disneysteve** · 07-22-2008, 08:47 AM

Originally posted by JanH View Post

Years ago, ours was sold before we even made the first payment.

Actually, that happened to us, too, but I expected it. The lender told us that they don't service the mortgages. They make the loans and then sell them.

**zakity** · 07-22-2008, 12:23 PM

Ours has been sold a lot also. I think about every other year. We now have WaMu and I am wondering if it will be kept or sold. It's getting to be time for them to sell it.

**maat55** · 07-22-2008, 03:20 PM

Well, obviously, Countrywide loves me, I've been with them for 4 years.

**myrdale** · 07-22-2008, 04:53 PM

Originally posted by FrugalFish View Post

A word to the wise though, as you start receiving paperwork about your transition, keep it all in one location. Our transition had some minor glitches and having all the paperwork together helped a great deal.

Thanks FrugalFish, and everyone else. I am in the habit of keeping all my paper work but alot of it is in a jumble. After I posted last night I ran up to walmart for a binder trying to get things a little better shape.

Went by to see my mortgage officer but she's out of town till Friday. The folks up front though said they sell blocks of mortgages all the time though.

Thankyou all again, hopefully it's a change for the better, though Regions has been really great up till now.

**Like2Plan** · 07-22-2008, 06:27 PM

I think it is pretty common for mortgages to be sold off, but it is a pain.

You will want to be vigilant about your property taxes and your homeowners insurance if these are paid out of escrow. Sometimes, the bills don't find their way to the new mortgage holder in a timely manner. This could lead to a delay in payment which could complicate your taxes if the payment gets made (late) into the next tax year. Also, there could be late fees and penalties and sometimes a disagreement over who should pay them (I'm not sure if there is consumer protection in place, but in this case--I think it should be the new mortgage company who pays the late fees and penalties).

**Exile** · 07-22-2008, 07:36 PM

As the above posts indicate, this is a common practive. However, make sure that the new lender doesn't pull a fasty by trying to change the terms of the mortgage on you without your knowlege or consent.

I once worked for a finance company that routinely bought out auto loans from other institutions and sometimes the businesses themselves. The installment terms for all these loans were payments on a monthly basis.

However, once my employer took over another lender whose loan agreements allowed customers to pay on a biweekly instead of on a monthly basis. My company put those those people through the ringer when they refused to conform to one lump installment per month, making them provide copies of their loans contracts, etc., notwhithstanding that their pay histories, the sheer volume of complaints and protests from such a large number of customers over this demand indicated that they were probably correct. This was very stressful for us collectors as well as for the debtors. Over time, the issue was gradually mitigated in favor of these customers, but it never completely went away.

So whenever your loan is bought by another company, be alert and monitor the takeover very closely, especially if the new lender has an unfavorable reputation, which you can find out from various sources through the Internet.

**Cylenchar** · 07-23-2008, 07:57 AM

This is actually quite common. I work for a mortgage company and we sell all the mortgages we do within the first 6 months since we do not service them. The only ones we retain are the bridge loans, which are usually paid off in full within 6 months anyway.

Regions sold my mortgage.