I Hope This Never Happens To You At Your Bank.........

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        Lipstick

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        Hiya Guys and Dolls,

        I had a horrible experience with my bank where i have my mortgage. As usual like every month went to pay my monthly mortgage online. What wasn't usual was that when i tried to log in i got a message that told me "Your Account is Closed". I didn't panic too much because i thought that's impossible. Maybe they are updating website and i will go on the next day to pay it. For two days i got the same message.

        Now i am a bit panicked so i call the number on the website. Of course i get an automated service asking me all my personal information. The auto says "Your Account is Closed" and transfers me to live help. Ok, now i am really getting nervous! The live help comes on and again i have to give her all my information and she says i need to transfer you to another department. She transfers the call and the call is dropped!

        I call the main number this time, go through all the automated questions again and once again it says "your account is closed" By now i'm shaking as 1000's thoughts are going through my head like did someone confiscate my home loan and tamper with it or identity theft??

        I finally get to the live help again and ask her what is going on with my account? Seems that investors have the right to buy loans from the bank with absolutely no say it in from the customers.

        My mortgage is now under a new bank i have never heard of, no local office to go to and is only on the East Coast.  I have to set up a new account online and all my information from my original bank no longer applies.

        I would like to know how the Government allows banks to do this. This was a bank there was carefully chosen to hold the mortgage on my house and for what? It can be taken away from you and farmed off to any bank that wants to buy it.

        Has this ever happened to you and do you think it should be allowed?

        Lips
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        gunnylab

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        Lips, my mother worked for a mortgage company 25 years ago.  She was responsible for calling on people who were late with their payments.  In her last 5 years there the huge group of mortgages she was responsible for were sold to other mortgage companies 4 times.  When the last place bought those mortgages her office was closed.  The government has nothing to do with it.  Its corporate America.  This happening to u is more common than u think.  The only way to have a chance that your morgage will stay at the same place is to have it at a national bank and pray they dont get bought out by another bank.  Now that this has happened to u once dont be shocked in the future it will happen again.
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        Lipstick

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        I don't understand why banks do this and how do they profit by selling your loan. Seems to me they would actually lose because they are not getting your interest over the next 20 years.

        I did ask why i was the lucky one chose for by this bank and she said there is no criteria with who they choose. They simply pick a "lot" of loans and buy them.

        It would be a bit more tolerable if i at least heard of this new bank. The bank i was at is known throughout the nation.

        Thanks for your input gunny.

        and ps welcome back.

        Lips
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        erickauff

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        Lips,

        This is standard practice.  Rarely now does a bank or mortgage company keep a loan more then 120 days.  This selling of loans is called "bundling"  and is one of the causes of the crash in the US.  When good credit scores were required loans would stay "in-house" but when the FEDS forced them to except lower credit scores the banks began to bundle them with both good and bad credit and selling a group of loans to investors.

        Thats the brief summary..... although you should have been notified of the sale.  I have had mortgages change 3 times in one year.  but that was then.
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        gabby

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        My mortgage company has changed banks many times.

        They should have notified you instead of sending you in a panic.
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        blueday

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          What a scary time that must have been for you Lips.  I would have been panic stricken like you were.

          I've never heard of mortgages being sold (unless a bank is folding). I have heard of debts (but not mortgages) being sold on.  I think it's very wrong that they didn't at least send you a letter confirming the position.

          Glad it's all resolved now.

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          You've probably got some mail to go through lips. Mortgage was not my area but your bank would've disclosed the possibility of selling your loan when you closed on the mortgage. That is required and why you don't have a choice in the matter now. They should also send you a letter "X" amount of days before your loan is sold and the new bank should send you a letter "X" amount of days after they've acquired it. If you're really mad you can report them if you haven't received these notices.

          It's common and may not be the last time it happens. I think the bank benefits by keeping the portion of the loan processing fee that they tack on to your APR. Pain in the butt, I know. I am so irritated by fine print. Does anyone read every aspect of a contract?

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          I don't think this kind of practice should be allowed, or if it is they could at least give the customer a heads up like a month in advance or something.
          It would be nice if the customers would be allowed to do this too: like I'd go to the bank and tell them something like "sorry lads, I'm not paying you anymore because I gave my contract to that bum you see across the street. Good luck getting your money from him ".
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          lagunagirl

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          There is a servicing disclosure that is provided when you apply for a loan. It tells you about their right to transfer the servicing of your loan and also that you would be notified in advance when that happens. 76 - 100% of all mortgage loans are transferred during the term of the loan.

          The government is so protective of the buyers that we have to give that disclosure with about *30* others to the buyer to sign at the time of the application. Less than 1% will remember what they signed. That's the government for you, trying to make things clearer and instead making it more confusing.

          The bigger the bank, more often it does happen and sometimes they don't play by the rules. That is what is wrong with the system today. Nobody fights them and so they get away with everything.
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          gunnylab

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          Lips I am going to try and answer 2 of your questions from above about how u dont know how they profit selling your loan & not getting the interest over the next 20 years.  Sorry, I dont know how to use the quote tab.  Before your mortgage was sold the bank or company made a fortune off u.  A simple way to see this is for u to go back in time and find how much your loan was for, the interest rate and the length of the loan.  Search online for a site where u can print an amotization schedule.  I am going to use a $500 mortgage payment for principal and interest only.  The actual payment might be higher 4 insurance and real estate taxes.  The 1st mortgage payment was roughly for $500 is broken down to $497 for interest and $3 for principal.  The next payment might be $496.80 interest and $3.20 for pricipal and so on and so on.  The 1st year of that mortgage u probably paid 98% interest and 2% pricipal.  I dont have thhe actual numbers but after 10 years u might have paid pulling a number out of my rear end 50% of your total interest.  Over the next 20 years on a 30 year loan u may pay the other 50% interest.  If the total intest for 30 years is $200,000 your original mortgage company made $100,000 off of you and your new mortage company will make $100,000 off u.  One in 10 years the other in 20.  The new place buying your mortgage might pay a premium to the old place for $20,000 or it can go the other way.  All the 2 companies are doing is spliting up the $200,000 profit on your interest.  I hope this made some sense to u.
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          It just seems like such a shady practice from these banks. You search for the best interest rates and best accredited banks only to have them shipped off to some joe blow bank that is never heard of.

          It's like a violation and they are putting your home on the line and we have no say so in the matter. I think it bothers me because of the bank is so unfamiliar and no where near Chicago.

          Also when i called the new bank they answering by saying "we are a debt collector and a full lending bank". I asked customer service rep what is your main focus are you a debt collector or a lending bank and she said both.

          I guess i just feel it's a breech of contract even though it's hidden in terms and the gov should step in to stop it!

          Lips
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          genenco

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          Fuuny thing I never had that occur with a house (Never bought one) but I did have my car contract sold from (I can't remember the first one) but it was sold to BofA and I sent a check, they sent me the title and (Chuckle) the check bounced and so BofA never got their $275.35 out of the deal! 
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          lipstick_xoxos wrote:

          It just seems like such a shady practice from these banks. You search for the best interest rates and best accredited banks only to have them shipped off to some joe blow bank that is never heard of.

          It's like a violation and they are putting your home on the line and we have no say so in the matter. I think it bothers me because of the bank is so unfamiliar and no where near Chicago.

          Also when i called the new bank they answering by saying "we are a debt collector and a full lending bank". I asked customer service rep what is your main focus are you a debt collector or a lending bank and she said both.

          I guess i just feel it's a breech of contract even though it's hidden in terms and the gov should step in to stop it!

          Lips


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