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Old August 27th, 2013, 07:46 AM   #21
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Originally Posted by whiterhino View Post
Over the years our mortgages have been sold countless times. I can't think of one instance where it has made a difference. Like said before, they can't change the contract. So, pay your bills on time and nothing changes.
This is not true.

They may not be able to change the terms of your mortgage, IE your term and interest rate, but they can change things that can still affect you.

Like if you pay a little extra each month "how" they apply it, when they apply it, etc.

They can change how easily you can or can not pay your mortgage online, or by mail, or change what the penalty may be if you do happen to accidentally miss your payment date by a day or two.

Paying it ontime does not guarantee that things won't change.

That said, Jason my mortgage was sold the day after I closed. Lucky for me it was sold to my bank. It has worked out rather nicely for the last few years. I am hopeful it does not get sold and does not change.
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Old August 27th, 2013, 07:48 AM   #22
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I love my credit union
This. I dont see me ever needing to go to a "big bank" for any of my business.
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Old August 27th, 2013, 07:53 AM   #23
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I love my credit union
X2, love my credit union!!!!!
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Old August 27th, 2013, 07:53 AM   #24
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Originally Posted by kickstand View Post
This is not true.

They may not be able to change the terms of your mortgage, IE your term and interest rate, but they can change things that can still affect you.

Like if you pay a little extra each month "how" they apply it, when they apply it, etc.

They can change how easily you can or can not pay your mortgage online, or by mail, or change what the penalty may be if you do happen to accidentally miss your payment date by a day or two.

Paying it ontime does not guarantee that things won't change.

That said, Jason my mortgage was sold the day after I closed. Lucky for me it was sold to my bank. It has worked out rather nicely for the last few years. I am hopeful it does not get sold and does not change.

Could be true but none of these issues have ever happened to us. I don't pay late so that is not an issue. Whether we pay on line or write a check is also not an issue.

Of all things listed, paying early would be the only concern I have. The rest of it is just "life". Things change, shit happens but at the end of the day, I have many other things to worry about besides whether I can pay on line or write a check. To post a thread that "OH MY GOD MY MORTGAGE GOT SOLD" is a little overkill IMO.
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Old August 27th, 2013, 07:55 AM   #25
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I have had flag star for 5 years. If they do happen to sell it they retain the management right so all payment amd questions will always.go through them.
Flagstar sold my to Quicken. Quicken Refi'ed it and now I'm saving about $200 a month. Having it sold worked out awesome.
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Old August 27th, 2013, 08:00 AM   #26
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Over the years our mortgages have been sold countless times. I can't think of one instance where it has made a difference. Like said before, they can't change the contract. So, pay your bills on time and nothing changes.
This
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Old August 27th, 2013, 08:10 AM   #27
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Could be true but none of these issues have ever happened to us. I don't pay late so that is not an issue. Whether we pay on line or write a check is also not an issue.

Of all things listed, paying early would be the only concern I have. The rest of it is just "life". Things change, shit happens but at the end of the day, I have many other things to worry about besides whether I can pay on line or write a check. To post a thread that "OH MY GOD MY MORTGAGE GOT SOLD" is a little overkill IMO.
Maybe you haven't actually taken to the time to read some of the more recent threads on this where your mortgage has been sold to some of the shady companies out there.

Mortgages sold prior to 2005ish, probably not such a big deal. Mortgages sold in the last 5 years or so it can be a major hassle for the homeowner.
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Old August 27th, 2013, 08:20 AM   #28
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Nationstar sucks cock. They just recently like within the last year started accepting online payments without a fee. When I first started dealing with them I swear I was in contact with them 2-3 times a month for the first 6 months. I was so pissed they bought my mortgage
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I never had Nationstar but once a mortgage of my was sold to Lehman Brothers. They really sucked to deal with. We refinanced a few months ago and got a 2.99% rate with Quicken Loan and so far I really like them. They have a reliable easy to use website for all account activities.

I would look around at other places to refinance. We were offered the option of rolling our escrow into the new loan, which I didn't do, but was an option.
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We had ours sold to greentree. My wife had to keep a close eye on them all the time. We went to a local credit union. The one thing that concerned me was that greentree is a collection ageny of sorts.
Get out quickly while you still can.
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Originally Posted by RyeBread View Post
GMAC went through bankruptcy reorganization. there's no such thing as "never sold".

Supposedly we were mailed a payment coupon, but no, not otherwise notified. My first notice was when going to log in to make the electronic payment this past Friday and finding out that the loan had been "closed". (my payments have always been 1st of the month, payable through the 10th with no extra interest or penalty - I always pay them directly on the 1st with extra principal - well except for this month obviously :/ )
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Originally Posted by Sassy Beetle View Post
GMAC was my mortgage company too. Now we have Greentree they let me log in yesterday but when I went to go pay my feb. payment and they want to charge me $12.00 to make a payment. I'm so mad I never had to pay GMAC anything to make a payment online.
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Originally Posted by jeepfreak81 View Post
Just found out they sold mine too... and I don't have any info to pay it manually, and their server fails every time trying to pay it online.'

Edit:

Is there any way to get a damn human with this company, I did not get a payment coupon or anything from them and I need to make a payment.
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Originally Posted by Tranny Tom View Post
ClarkstonCracker and I had the same thing happen to us about the same time last year. They charge you $12 to process online payments because they use western union. Everything was fine for the first 7 months until they took out a double payment on the same day and then tried to blame me for the error. After going round and round with them, I got them to add the payment to the next month after I threatened them with a lawyer. Shortly after that I refinanced to a fixed at 3.5% (I had an arm at 2.9%). I took advantage of the harp program since my loan loan is 140% LTV Even though I had to go round and round with them, they were always pleasant and friendly lol.

I have no idea how a chop shop like Greentree, who specializes in manufactured homes and trailer financing, can be buying up so many mortgages. Me thinks this another bank scam to get people to refinance so they can get more monies.

My advice:

Refinance with another company/bank.



Just a couple of examples of people who have had bad luck with their mortgages being sold.
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Old August 27th, 2013, 08:35 AM   #29
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Originally Posted by kickstand View Post
Just a couple of examples of people who have had bad luck with their mortgages being sold.
Thank you Dickstand I was going to search for my old response to a similar thread.

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Originally Posted by Tranny Tom View Post
ClarkstonCracker and I had the same thing happen to us about the same time last year. They charge you $12 to process online payments because they use western union. Everything was fine for the first 7 months until they took out a double payment on the same day and then tried to blame me for the error. After going round and round with them, I got them to add the payment to the next month after I threatened them with a lawyer. Shortly after that I refinanced to a fixed at 3.5% (I had an arm at 2.9%). I took advantage of the harp program since my loan loan is 140% LTV Even though I had to go round and round with them, they were always pleasant and friendly lol.

I have no idea how a chop shop like Greentree, who specializes in manufactured homes and trailer financing, can be buying up so many mortgages. Me thinks this another bank scam to get people to refinance so they can get more monies.

My advice:

Refinance with another company/bank
.

This is the only thing you can do, BAO has no obligation to take your mortgage back unless you choose to refinance with them. My refinance was a pita because I live in the ghetto (well now it is ) and my house isn't worth the charmin extra soft I wipe my butt with. As the above qoute says, I had to go through the harp program in order to refinance.
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Old August 27th, 2013, 08:50 AM   #30
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I don't think it is a real problem. The new company can not change or modify your mortgage in any way, so your payments will remain the same.
HAHAHAHAHAHAHAHHAHAAHAHAHAHAHAHAHAHA


They can't change the terms, but they can make your life miserable.
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Old August 27th, 2013, 08:59 AM   #31
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I like my mortgage company though I don't remember who they are and have only made 1 payment so far
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Old August 27th, 2013, 09:13 AM   #32
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Originally Posted by kickstand View Post
Maybe you haven't actually taken to the time to read some of the more recent threads on this where your mortgage has been sold to some of the shady companies out there.

Mortgages sold prior to 2005ish, probably not such a big deal. Mortgages sold in the last 5 years or so it can be a major hassle for the homeowner.
You are right, I haven't taken the time. Between my three homes I have had, I've been paying a mortgage for over 35 years. Knock on wood, I haven't had any issues to complain about so I really don't pay attention to comments about it. Maybe it's because I pay on time and my credit rating is good.

I still don't see where it becomes a "major hassle" if it is sold. So what if they charge an on line processing fee? Then just throw a check in the mail. Oh wait, that's so "old fashioned" for the younger croud that it becomes a "hassle". To me, it's life and I shrug it off.
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Old August 27th, 2013, 09:18 AM   #33
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Nationstar can eat their own assholes. They contacted us in November of 2012 about refinancing. We sent all the paperwork to them. Still have not gotten our refinance. They feed us some BS about waiting for our home equity loan bank to send them some paperwork. My wife called the HEL bank and they never received paperwork about a refinance.

Then about a month ago we got a letter in the mail from Nationstar asking if we have thought about a refinance? WTF? Wife called and bitched them out.

They pulled our credit 5 times each within a month of us sending in our paperwork back in November. I got 4 credit statements in one day just for me and 3 for my wife. The next day we got the rest. Last week we both got our credits ran again. Only once this time.

Other than the refinance issue, we haven't had an issue with Nationstar though. We bought our house in 2007, been sold 3 or 4 times since. When Nationstar took over they sent us a check because we had way too much money in our escrow account. That paid for our trip to Georgia we were going in a week later. We are looking at a different refinance company now. Probably Quicken Loans.
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Old August 27th, 2013, 09:21 AM   #34
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I would hurry up on that refinance. Not just to get out of Nationstar but also because of rates.

It DOES matter who services your loan.
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Old August 27th, 2013, 09:34 AM   #35
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You are right, I haven't taken the time. Between my three homes I have had, I've been paying a mortgage for over 35 years. Knock on wood, I haven't had any issues to complain about so I really don't pay attention to comments about it. Maybe it's because I pay on time and my credit rating is good.

I still don't see where it becomes a "major hassle" if it is sold. So what if they charge an on line processing fee? Then just throw a check in the mail. Oh wait, that's so "old fashioned" for the younger croud that it becomes a "hassle". To me, it's life and I shrug it off.
Again, take the time to read it, just look at Tranny Tom's post, sounds like a bit of a hassle to me. I know everything is perfect in your world of "life" and finances though, so its kind of like talking to a brick wall on this one.

Just throw a check in the mail - I haven't had paper checks in over 10 years. I haven't needed them, why would I purchase them? To you that may not be a hassle, to me that would require changing how I pay my mortgage, ordering checks, paying for the checks, etc.

I pay on time, my credit rating is good, but having my mortgage sold to a company that took out a double payment (like happened to Tom) would create a financial problem. I'm not all set in life making $200k a year where having someone take an extra $1,000 out of my account wouldn't be a hassle to me.

Though, I'm guessing for you thats no big deal, but some of us haven't reached whiterhino baller status yet, and chances are a lot of us never will.

I don't have a dog in this fight, as my mortgage is currently with my bank that I do most of my banking with. But I'd be damn concerned if my loan as in the case of ClarkstonCracker (I thought he was baller status like you?), TrannyTom, Redmud and others was sold. Fucking with my most important investment/asset and the money I use to pay for it each month is a major hassle to me.
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Old August 27th, 2013, 09:47 AM   #36
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Sorry, I'm not the baller you think I am and taking an extra $5.00 would be an issue with me, let alone $1000. No, not everything is perfect in my world, I just choose which items get me upset and which ones I can roll with. (for instance my mom dying of cancer or my brother fighting another round of cancer or my grandson who can die if exposed to nuts........ those are the things in life I find disturbing) Writing a check is not. I'm sorry a paper check is a hassle to you. Different strokes I guess.

I too don't have a dog in this fight and I feel bad for those who have had bad issues. But the sale of a mortgage has been going on for a very long time and I would guess for most, it's not been a big deal. I liken it to those that have had a credit card number stolen. PITA at the time but we all get through it.

Plus, why do you have to throw out a jab about income? I never said I could afford it where others couldn't or that I am better than anyone else. That's a low blow that was unnecessary.
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Old August 27th, 2013, 09:54 AM   #37
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Originally Posted by whiterhino View Post
Could be true but none of these issues have ever happened to us. I don't pay late so that is not an issue. Whether we pay on line or write a check is also not an issue.

Of all things listed, paying early would be the only concern I have. The rest of it is just "life". Things change, shit happens but at the end of the day, I have many other things to worry about besides whether I can pay on line or write a check. To post a thread that "OH MY GOD MY MORTGAGE GOT SOLD" is a little overkill IMO.
Not quite sure that's how I put it! I know they can be sold, and I'm not butthurt about that at all, In fact we've been with BOA for 8 years, so I was expecting it before we hit the 10 year mark- it's the company that has it now- That's the problem!

Everything I have read about them tells me that they
A) are a pain in the ass to deal with
B) Can't seem to keep escrow accounts straight and
C)If you pay ahead (Which we do) they don't appear to apply that money to the principle as they should.

Have fun: 719 Ratings, and to say they are "bad" would be like saying that Kickstand has a sunny disposition! Hell, I even found a site where the employees were bashing the company!

http://www.consumeraffairs.com/finan..._mortgage.html

PS, I love you, Chad!
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Old August 27th, 2013, 09:56 AM   #38
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Sorry, I'm not the baller you think I am and taking an extra $5.00 would be an issue with me, let alone $1000. No, not everything is perfect in my world, I just choose which items get me upset and which ones I can roll with. (for instance my mom dying of cancer or my brother fighting another round of cancer or my grandson who can die if exposed to nuts........ those are the things in life I find disturbing) Writing a check is not. I'm sorry a paper check is a hassle to you. Different strokes I guess.

I too don't have a dog in this fight and I feel bad for those who have had bad issues. But the sale of a mortgage has been going on for a very long time and I would guess for most, it's not been a big deal. I liken it to those that have had a credit card number stolen. PITA at the time but we all get through it.

Plus, why do you have to throw out a jab about income? I never said I could afford it where others couldn't or that I am better than anyone else. That's a low blow that was unnecessary.
Why do you have to minimize the sale of a mortgage to shady companies when others have had problems with it and it has been a hassle for them?

You put yourself on the pedestal, not me.

I don't disagree that the sales of mortgages has been going on for a long time, I'll say it again.

Mortgage sold before 2005ish, probably a fairly seemless transition and no big deal.

Mortgage sold in the last few years, according to many people a serious pain in the ass to adjust to and based on shady companies.

So taking an extra $5 is an issue to you, but chargine $12 to pay your mortgage like you have for years is ok? you're contradicting yourself. What about the extra being applied wrong to your principal? Are you ok with that too? It's shady business, its the largest purchase anyone ever makes in their lifetime (for most) and its where you LIVE....

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Old August 27th, 2013, 09:56 AM   #39
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Another fan of credit unions here. When we got our mortgage with Navy Federal they actually had paperwork that they and we signed at the closing that told us that they would not sell the mortgage to another servicer.

When we were looking around to see who we would get the mortgage from MSU Federal Credit Union also made the same promise.
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Old August 27th, 2013, 10:00 AM   #40
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This is the only thing you can do, BAO has no obligation to take your mortgage back unless you choose to refinance with them. My refinance was a pita because I live in the ghetto (well now it is ) and my house isn't worth the charmin extra soft I wipe my butt with. As the above qoute says, I had to go through the harp program in order to refinance.
I found your original post after I posted my thread, and answered my own question. It looks like Nationstar is marginally better than Greentree, but only by a loosely defined margin. I am going to look into HARP today.
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