Q: My mortgage was sold twice, ending up with an out-of-state lender. That is when the problems started. It paid our insurance from escrow when we are escrow waived and have been for 24 years. Then they dropped my wife's name from the account
and have even sent us a default notice. All of these are "keystroke" errors as they told us. On top of that, they have the worst customer service I have ever seen. I never asked for this company; we were sold to them.
and have even sent us a default notice. All of these are "keystroke" errors as they told us. On top of that, they have the worst customer service I have ever seen. I never asked for this company; we were sold to them.A: Unfortunately, you have no choice what your initial lender will do with your loan. Most mortgage lenders are not loaded with cash, so to make more loans, they have to sell their loans. In many cases, that lender will continue to service the loan. This means that you will continue to make your payments to that lender. However, many loans are sold to third parties — could be to Fannie Mae or Freddie Mac, or could be to one of the syndicates we have heard so much about during the mortgage meltdown.
to that lender. However, many loans are sold to third parties — could be to Fannie Mae or Freddie Mac, or could be to one of the syndicates we have heard so much about during the mortgage meltdown.But if your lender or the servicer of your loan is making mistakes, you have certain rights. Make sure any mistake does not affect your credit
rating.
rating.You can also file complaints against your lender. At the federal level, contact the Federal Trade Commission and the Federal Reserve Board. In your state, complain to the attorney general.
If your current loan carries a high interest rate, you can refinance.
Neal Paskvan is a full time Realtor specializing in Downers grove, Darien,Woodridge, Westmont and Du page county Real Estate
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