Chase Sold My Mortgage

[JAMIESMITH]

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...

 

[goingtowdwwithkiddos]

There is nothing you can do!!! when they sell the mortgages they are sold in batches either by payment history, credit, location or any combination of those. They did not choose to personally sell yours you were part of the group that they bid on. As far as refinancing of course you can but it is common practice so you may be sold again at any given time.

 

[mikehn]

Mortgages are usually resold, that is the nature of the business. I wouldnt worry about it. Just monitor your accounts. Chances are, things will be fine. Even if you refinanced, there's a 99% chance it will get resold again anyways.

 

[AquaDame]

We've had our mortgage for three years - before we could even put in our very first payment it was sold and was sold a second time in the following months as well. No rhyme or reason that I can see...

 

[mslhb]

Yep nothing you can do. We just bought a new house and our mortgage was sold before we even made the 1st payment. Actually ours was sold to Chase. Which I was happy about since that is our brick and mortar bank so it was nice when the info showed up in my normal on-line account automatically.

 

[kymom99]

You could try Wells Fargo. We have had ours with them for a few years.

 

[Shanna-like-Banana]

We have had our mortgage sold 3 times.

It's really very frustrating ! But, just as others said, they are not choosing you as an individual person.

The last time it was sold has been the worst to deal with. They are not even a mortgage company or mortgage broker. They are this nations largest debt collector !

Bank of America sold millions of mortgages to Nation Star a little over a year ago and we got sucked into that black hole. I am now looking to refi our mortgage with a brick and mortar bank.

 

[DetroitDisney]

I've had my mortgage with quicken loans for about 2 years now. They actually told me up front that they were planning on keeping it for the long haul. No issues to report so far.

 

[MomToOne]

If you Google "Chase Mortgage Reviews", you'll see some pretty horrifying stuff as well. People generally post reviews of their BAD experiences, they rarely post reviews of OK or good experiences with this type of thing.

 

[cleverclovers]

Can you see about refinancing with a credit union? Might be able to get you a lower rate and keep your mortgage payments there at that facility.

 

[DebbieB]

Be sure to keep good records. I know someone whose mortgage was sold and he lost credit for some extra payments he made.

 

[gracie1]

We're on our 4th company as well. Never had a problem going from company to company.

 

[gljvd]

Can you see about refinancing with a credit union? Might be able to get you a lower rate and keep your mortgage payments there at that facility.

exactly .

Get together like 5 or 10 k and find a local credit union. They will give you better rates and you don't have to worry about them selling. A great thing also is if its in the town you live in you can easily see someone in person or if its through work you can easily see a live person.

I had a car loan with my local credit union and it was so much better than the car loan I had through TD Bank. I'm in the process of moving completely to credit union / discover/ American express

Most credit unions now have free atm service through 7-11 and other places while discover/American express are offering .85% on savings accounts right now.

So my gf and I are set up as follows

1) Checking and short term savings at credit union along with a super savings account . Checking we keep a few thousand in , short term we have about 5-8k and super savings (we get .45% ) we have about 10-12k

2) Discover we have 20k in at .85% and American express we have the car savings in. Basicly once we finish paying off a car we make half the payment into this account which serves as the down payment for the next car. Sounds weird but we both need cars for work and we try to pay off the car in 3 years and we are averaging about 7 years having the car. So we seem to just be switching car loans lol.

 

[lauradis]

exactly .

Get together like 5 or 10 k and find a local credit union. They will give you better rates and you don't have to worry about them selling. A great thing also is if its in the town you live in you can easily see someone in person or if its through work you can easily see a live person.

I had a car loan with my local credit union and it was so much better than the car loan I had through TD Bank. I'm in the process of moving completely to credit union / discover/ American express

Most credit unions now have free atm service through 7-11 and other places while discover/American express are offering .85% on savings accounts right now.

So my gf and I are set up as follows

1) Checking and short term savings at credit union along with a super savings account . Checking we keep a few thousand in , short term we have about 5-8k and super savings (we get .45% ) we have about 10-12k

2) Discover we have 20k in at .85% and American express we have the car savings in. Basicly once we finish paying off a car we make half the payment into this account which serves as the down payment for the next car. Sounds weird but we both need cars for work and we try to pay off the car in 3 years and we are averaging about 7 years having the car. So we seem to just be switching car loans lol.

We switch fully credit union several years ago and they are perfect for us.

op sorry that really stinks. I really wish they weren't allowed to do that.

 

[barkley]

check with any credit union before you refi if the only reason to do it is to keep it w/their institution b/c they sell off their mortgages as well-maybe not as frequently, but it is done-we've had a couple through credit unions and in both cases it was a year or so into the mortgage, but it got sold to another lender.

 

[BernardandMissBianca]

We have had our mortgage sold 3 times. It's really very frustrating ! But, just as others said, they are not choosing you as an individual person. The last time it was sold has been the worst to deal with. They are not even a mortgage company or mortgage broker. They are this nations largest debt collector ! Bank of America sold millions of mortgages to Nation Star a little over a year ago and we got sucked into that black hole. I am now looking to refi our mortgage with a brick and mortar bank.

Ours was sold to NationStar as well. I have never had a company harass us so much in my life! Phone calls, certified letters, fed ex envelopes etc weekly, sometimes daily all to refinance on their terms.
Nope not gonna happen.
We are looking into refinancing through our military credit union, I've had several loans through them over the years and love them. Just need to touch up a few things in the house for inspection first.

 

[NinaBella]

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...

We bought our house in 2003. Our mortgage has been sold from HomeBanc to Countrywide, Chase, Bank of America, and now PennyMac. We looked at refinancing several years ago with USAA but after speaking with them it wasn't the best deal with us. We recently refinanced with PennyMac and it took 2.5 months for the entire process. We had a "newbie" who drug the process out. We complained to PennyMac and they didn't do anything. I think because they already had our mortgage they were getting money either way. It gave me a real sour opinion of PennyMac. I do not like PennyMac at all. We have a second mortgage that was originally through Countrywide but sold to NationStar. I have no issues with NationStar but that mortgage will be paid off in a few months.

 

[barkley]

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

we've owned 3 homes over the past 23 years, and between the original purchases and refis there have been maybe 7 different mortgages (no more than 1 at a time). I don't recall every having any real communication/need to communicate with a mortgage company other than the twice a year notifications from them that my payment was increasing a bit due to property tax or homeowner's insurance increases.

once we decided to stop having a mortgage company pay our property taxes and homeowner's insurance the only communication we ever got was our yearly tax statement (we did auto pay from our checking so we didn't even get a monthly statement until the lending laws changed to where they had to send one).

I will say that despite our most recent mortgage getting sold off by our credit union, that credit union still maintained the billing for it. this was nice b/c just like when they owned the loan, the mortgage was listed as an account on my credit union website so I could easily access information on it-and better still, if I had a few extra dollars here and there in my monthly budget I could transfer it to the principle to keep whittling it down (happy to say the whittling worked cuz for the first time in my life I am truly a home OWNER).

 

[Kies99]

You could try Wells Fargo. We have had ours with them for a few years.

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!

 

[havaneselover]

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.