Chase Sold My Mortgage

[ParkaPooh]

We had ours sold to Greentree. The only frustration I have is that BOA automatically processed any overage to our principle, and Greentree puts it into a separate "unallocated" account that we have to go to them to specify where it goes. Oh, and they harassed us for months regarding refinancing with them, but we just shredded their offers and deleted their messages.

 

[North of Mouse]

Chase sold my mortgage to Carrington Mortgage which has some frankly terrifying reviews online. Is there anything I can do to stop this? It looks like dealing with this bank could potentially be a nightmare! I've never been late with a payment and I usually pay extra every month. I don't really understand why they sold the loan.

I've even considered talking to Discover about refinancing...

Mortgages are sold all the time and you have 'no' control over it. We now own our home, but over the years with different homes, we were sold over and over and never had any problems. Sometimes they're sold in just a few years time, so just going with another Financing com. will not guarantee you 'anything'.

 

[North of Mouse]

I second checking with Wells Fargo. Our first home mortgage was sold 2 or 3 times. We're on our second house and have had our mortgage with Wells Fargo for 15 years now. Have had absolutely no issues with them!

We've also had Wells Fargo before and were sold within 5 years. There is no guarantee with 'any' of them. You just happen to have 'hit' them right. Other than new addresses, have had no issues - terms and conditions were always the same.

 

[My3Princez]

I'm confused-do people really have that much interaction with their mortgage companies that it matters if it gets sold to another lender?

I was wondering the same thing ...

 

[HeatherFeather]

First home mortgage was in 2002 and within 5 months was sold to another company. They were both big banks and I can't remember who they were. It didn't really affect us at all except sending the payment to someone else.

Second home we bought was in 2005 and during that transaction, we had a mortgage broker and the best rate we could get was with Trustmark, a smaller regional bank based in Mississippi. It is now 2014 and our mortgage is still with them. We did a re-finance with them directly about 3 years ago as they still had the best rates. As I said, it really didn't change things having our first home's mortgage sold, but there is some sense of security and continuity with having the same bank handle things for nearly 10 years and I have had nothing but exceptional customer service with Trustmark any time I have dealt with them.

 

[ilovebassets]

I had an amazing experience with Suntrust last year. I've typically worked with brokers in the past but they had the best rate, the guy I dealt with was local and excellent, and it was completely stress free. They still have my mortgage. Only time it hasn't been sold.

I second Suntrust. The guy we worked with told me our mortgage would never be sold. I think he said Suntrust does not sell their mortgages. Whether this was only true for us or for everyone, I'm not 100% sure.

 

[dcfromva]

I'm confused-do people really have that much interaction with their mortgage companies that it matters if it gets sold to another lender?

I would say it's not that big of a deal, except maybe if there is an escrow account. Especially, if the mortgage gets sold off shortly before a payment is due and the billing information doesn't get transferred to the new mortgage company resulting in a late payment.
When it comes to taxes, I know my county doesn't care if there is an escrow account or if the mortgage was sold to another mortgage company. If the payment is late, there will be late fees. I'm sure it would get sorted out eventually (presumably the late fees are on the mortgage company), but it would be better to make sure the new company had the necessary info. and to follow closely to make sure the payments get posted on time.

 

[Miss Mary Poppins]

With our first home our mortgage was sold so many times it was crazy! I would send payment only days later to get a letter saying to send it to the new bank! I vowed I would never do that again.

When we purchased our next home we went with a bank that keeps the counter service for the loan. Meaning they track and follow where the loan is sold to but my payments always go to the bank that we took the loan out with and they pay it to the holder. We have been doing this for 16 years now and it has worked very well for us.

 

[lost*in*cyberspace]

Mortgages are sold all the time and you have 'no' control over it. We now own our home, but over the years with different homes, we were sold over and over and never had any problems. Sometimes they're sold in just a few years time, so just going with another Financing com. will not guarantee you 'anything'.

I don't see why this is such an issue. Mortgages are sold all the time. Just wait OP, your mortgage will likely change hands again in a few years.

 

[lost*in*cyberspace]

I second Suntrust. The guy we worked with told me our mortgage would never be sold. I think he said Suntrust does not sell their mortgages. Whether this was only true for us or for everyone, I'm not 100% sure.

Do a Google search for Suntrust; there are a massive number of complaints about this company.

 

[POOHDRMR]

I don't see why this is such an issue. Mortgages are sold all the time. Just wait OP, your mortgage will likely change hands again in a few years.

It becomes a pain when you choose a company and then its sold to another that doesn't run the same as your old one. we had Flagstar and used to make payments on line for no fee and now they sold it and the new company charges 12 dollars to pay online.This is my second home and with my first I had the mortgage sold too but this time the company sucks and they hold a different amount for escrow than the last too. They call and start harassing you after the first of the month when the loan isn't late or has a penalty until the 16th.I can't refi because we got the loan 2 years ago when rates were 3.75 and we won't be able to beat that. I hope they sell it again soon !

 

[tinatark]

Mortgages being sold is very common. Our mortgage was sold several times - we made our payments on time, to the payment center - never had problems.

If you want to join a credit union, try Penfed. Very good rates and very easy to deal with.

 

[Big J]

Do a Google search for Suntrust; there are a massive number of complaints about this company.

Google Santa Clause or ice cream and you will find complaints. No experience with SunTrust myself, just you know, the internet.

 

[phorsenuf]

Our mortgage was sold to Carrington Mortgage maybe 7-8 years ago. Never had a single problem with them.

 

[SnowWhite2]

Chase normally doesn't sell their mortgages. WE've had them for 18 years.

 

[lttlmc3]

I would say don't panic too much about the reviews online. People who are satisfied rarely make any commentary online, it's the angry ones that do. Every company has its issues. For instance, we hated using Wells Fargo. We just refinanced less than a month ago, and our mortgage has already been sold.