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Just thought it was ironic that I received a notice of my Mortgage being sold to Freddie or having them as a Trustee for a trust holding my mortgage. ....I know nothing changes for me. This is the second time in a few months a change has happened for me. I don't understand all the ins and outs of how this works.
[QUOTE=DJD;383567]Just thought it was ironic that I received a notice of my Mortgage being sold to Freddie or having them as a Trustee for a trust holding my mortgage. ....I know nothing changes for me. This is the second time in a few months a change has happened for me. I don't understand all the ins and outs of how this works.[/QUOTE]
If I could offer any advice it would be for you to read EVERY WORD in your mortgage contract. If you see anything about your lender having the right to sell your contract to another party or that party reserving the right to demand payment in full, at any time, be prepared. I got involved in a case where that happened and the person had never been late one day on the payments. She was in the military and I was taking care of her business until she completed her tour of duty. I almost blew a gasket when she received a letter from the new trustee demanding payment IN FULL. I took the original mortgage contract and marched right into the bank President's office and had a shootout at the OK Corral. I told him she had signed only ONE contract and she was bound by it only and that's how it would be. I told him that he had opted to sell her contract and what he and the other trustee agreed upon was his problem not hers. My parting shot was, "You made this mess, now call the people you sold the contract to and clean it up." I walked out the door and went home; within 2 hours the last mortgage holder called and said there had been a terrible mistake; demand for payment in full had been withdrawn and she should follow the stipulations set forth in the original contract.
Now that is scary! I never heard of that happening.
It happens. I once had a VA loan sold just after I got it, and the new company notified me my payments were increasing by 30%. This was before I'd even made the first one. Not being smart as Bug, I let them get away with way more than I should before I finally lowered the boom. After a jillion phone calls a lady finally pushed me over the edge when she said "A 20% increase, and that's the best I'm willing to do". I told her to hell with it I'm getting a lawyer and hung up. My phone rang within the hour, and the situation was resolved.
Bottom line is they don't want you to take much time with the paperwork at closing, but it's worth your time ignore the pressure and read it through.
Agree it's pretty ironic that one of the first dominoes in the current financial collapse bought your mortgage.
That is the truth! I never read every piece of paper I signed at my closings.....