Banks Sells Mortgage
REM # F766
By Ilyce R. Glink
Summary: A ThinkGlink reader is wondering where to send his mortgage check after is mortgage has been sold. Ilyce explains about companies that service rights to loans.
Q: If my bank sells my mortgage to an investment banker, who then repackages
the loan with other loans and resells them again, where would I pay my mortgage
check?
A: When loans are sold, there must be company that purchases the rights to
"service" your loan. That is, to send you a bill each month and collect
the payment.
The mortgage company that sold you your loan is required by federal law to tell
you who owns the servicing rights to your loan. Please call the toll free (800)
number of your lender – the lender you had been making the payments to
– and ask them to tell you where you should send your payments.
NOTE: This column is distributed by Real Estate Matters Syndicate, PO Box 366, Glencoe, Illinois, 60022. This column may not be resold, reprinted, resyndicated or redistributed without written permission from the publisher.
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