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I ask this because I read all the horror stories of things like BofA has done and just wondered, what recourse do you have if you don't like the owner of your note? Refi with another?
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Interested to see this answer. It seems like they can buy and sell mortgages at will. -
Refi is the only way YOU can do it I belive. Banks can sell your Mtg at anytime they choose so maybe it would be a good idea to ask if the bank you are looking at practices this and how often.
Just my .01Originally posted by Sean88gtOriginally posted by Baron Von CrowderComment
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You can pick who originates it. After that your loan can be sold and you have no say.Comment
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Even if you refi, what's to stop them from selling that one?
We got picked up by wells fargoComment
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NopeComment
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loans are bought and sold on the secondary market. Your loan will end up at one of the large banks unless you have a portfolio loan (only offered by that bank) and those are rare unless it's a large jumbo loan. Even if you refi, there's a good chance your loan will end up with the same lender you have now.Comment
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No, but when you close, there is a form that tells you what percentage of loans are sold by the originator. A broker does not service loans so their form will say that they sell 100% of their loans. If your loan is through a company that services loans, there is less chance it will be sold but it could in the future.Comment
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You may have better luck at a credit union or smaller bank. When I bought my home 7 years ago the mortgage banker was adamant that the loan would never be sold. Still true today.
Colonial Savings Fort Worth- FTWComment
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