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Originally Posted by zx10guy
I don't profess to know all the ins and outs with mortgage investments. But selling off of mortgages is very common. It's been happening for decades. ......
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Quote:
Originally Posted by TiMSport
...So I just discovered that my existing mortgage loan was transferred to a different company by way of a letter sent to me from my current bank (BofA). It states my loan will be serviced through a company now known as "Mr. Cooper". WTF kind of name is that?!? It seems they used to be known as Nationstar Mortgage LLC. I thought this was a scam at first when reading it because I simply couldn't believe a company would change their name to something as moronic as Mr. Cooper.
Has anyone experienced anything like this? Oh and I received the letter today and the transfer takes place from November 2nd. Talk about a last minute notification. :mad0260.....:
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Your debt was sold by the bank, probably bundled with many other loans, and purchased by the new lien-holder. As stated above, it's not new and goes on every day. It doesn't change anything. You simply continue to make your payments as before, except to a new lender/debt-servicer.