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Post by Deleted on May 30, 2018 8:10:17 GMT -6
My mortgage got sold. I know it's not unusual. Our last one was sold 3-4 times before ending up at Wells, but there was plenty of notice and communication and the process was pretty easy.
This one is driving me nuts. It's sold effective yesterday. My payment is due 6/1. The old company didn't accept the early payment I tried to submit yesterday morning, and the new company doesn't have record of us in their system yet. They say it will take 5-7 days before they send me any notice of where to send payment and they'll give me a new loan number.
All I have is a notice from the older lender saying payments sent after 5/29 should be sent to the new servicer and an address. Do I just send my payment out into the abyss and hope it gets applied right? Wait for new communication from the new mortgage folks? I know I can't get dinged for a late payment in association with the transfer, but I am compulsive about finances and the notion of not paying timely just seems so wrong.
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ccp
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Post by ccp on May 30, 2018 8:17:09 GMT -6
Just wait a few more days and call them again. I’d do it early next week. I’m compulsive as well but I’m going to assume it’s not a minute amount of money and that you don’t want to risk it getting applied somewhere incorrectly?
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Post by spicysalmonroll on May 30, 2018 8:19:16 GMT -6
I would definitely wait to make sure I had a loan number to reference.
Hopefully it didn't go to Round Point because that's who mine was sold to and they fucking suck.
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gussie
Amethyst
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Post by gussie on May 30, 2018 8:19:25 GMT -6
I would wait and call back again next week. I would be way too scared to send it into the abyss. I’m sure they have a ton of people this is affecting, and like you said, they aren’t going to ding you for a late payment this month especially if you are actively contacting them. I would just keep a record of the phone calls just in case.
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aprilz81
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Post by aprilz81 on May 30, 2018 8:19:25 GMT -6
I would wait and let them get you in their system to make sure the payment is applied correctly. Most mortgage companies won't mark a payment late until 14 days (give or take) after the due date. Keep a record of your efforts to try to pay just in case, but a few days isn't going to hurt anything.
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Post by Deleted on May 30, 2018 8:19:56 GMT -6
Is the payment due 6/1?
I’d just keep calling till they tell you what to do
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ss265
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Post by ss265 on May 30, 2018 8:19:57 GMT -6
I wouldn't pay it until you get a loan number from the new servicer. You will be surprised how disorganized some companies are - I would be worried about a check just floating around and then having to cancel it later. If I'm not wrong, mortgage companies can't charge a late free until you are 16 days past due (this could be state specific so don't quote me). Put something on your calendar to check on it next week and make the payment if you are in their system.
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gussie
Amethyst
Posts: 6,331 Likes: 18,769
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Post by gussie on May 30, 2018 8:20:16 GMT -6
I would definitely wait to make sure I had a loan number to reference. Hopefully it didn't go to Round Point because that's who mine was sold to and they fucking suck. My last one was sold to Round Point and it was a shit show when we tried to drop our PMI. We just gave up. |
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Post by GhoatMonket on May 30, 2018 8:20:51 GMT -6
If you have the money for it to get lost in the abyss for months and still have to make your June payment, sure. Do that.
Otherwise you need to wait.
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Post by allthedrinks on May 30, 2018 8:21:23 GMT -6
If the new servicer will be assigning a new loan number wait until they do so. I know it can be frustrating but sending a payment without a loan number will ensure months of fuckery. They literally will have no way of knowing who’s account needs to be credited. Set a reminder for the 6th and follow up if you haven’t heard anything. Brought to you by 25 years in the mortgage industry.
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Post by Deleted on May 30, 2018 8:21:29 GMT -6
Is the payment due 6/1? I’d just keep calling till they tell you what to do Yes, due 6/1. |
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Post by Deleted on May 30, 2018 8:23:02 GMT -6
If the new servicer will be assigning a new loan number wait until they do so. I know it can be frustrating but sending a payment without a loan number will ensure months of fuckery. They literally will have no way of knowing who’s account needs to be credited. Set a reminder for the 6th and follow up if you haven’t heard anything. Brought to you by 25 years in the mortgage industry. WTF do they buy a loan for a date that they KNOW needs servicing? Do it on 5/15 so I have time to get this in order. I basically hate them already. Or send me ANY form of communication. I have a letter from the old lender that says "send your payment to Shellpoint Morgage at this address" and that's it. |
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Post by Deleted on May 30, 2018 8:23:20 GMT -6
I am irrationally angry about this =\
Crazy lady, party of 1.
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Post by allthedrinks on May 30, 2018 8:27:02 GMT -6
[/quote]WTF do they buy a loan for a date that they KNOW needs servicing? Do it on 5/15 so I have time to get this in order. I basically hate them already. Or send me ANY form of communication. I have a letter from the old lender that says "send your payment to Shellpoint Morgage at this address" and that's it. [/quote]
That sounds very annoying and I’d be inclined to hate them too. Bulk servicing buys are a shit show even if both companies are proficient at it and it sounds like neither of these are.
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Post by allthedrinks on May 30, 2018 8:29:09 GMT -6
I am irrationally angry about this =\ Crazy lady, party of 1. I personally don’t think it’s irrational to be mad. Mortgages are typically the largest debt a person owes and its attached to your home! Any irregularity is disconcerting. |
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Post by Deleted on May 30, 2018 8:31:03 GMT -6
I keep trying to remind myself that we knew what we were signing up for when we went through a friend that's a mortgage broker vs. going to a bank and that the rate we got is worth it in the long run, but sweet Jesus this whole process has been annoying - from the 1st lender to this SNAFU a mere 2 months later.
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Pizzaslut
Ruby
*it’s a joke. get some hobbies.
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Post by Pizzaslut on May 30, 2018 8:31:06 GMT -6
I would wait and let them get you in their system to make sure the payment is applied correctly. Most mortgage companies won't mark a payment late until 14 days (give or take) after the due date. Keep a record of your efforts to try to pay just in case, but a few days isn't going to hurt anything. This. |
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Post by Deleted on May 30, 2018 8:32:25 GMT -6
If you don't like the money to stay in your checking acct (for fear it might get spent or whatever reason), transfer it into a savings or something until you know where it needs to go. I would not send a check into the abyss, ever.
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Post by Lord Disick on May 30, 2018 8:33:44 GMT -6
Our mortgage just got sold too and I don't remember if they said it was a law or just their policy, but the original letter said that they wouldn't charge a late fee for the first month.
I would just make sure you call on June 1 and be ready to make a payment over the phone or put a check in the mail that day. It seems like there's not much you can do until the new company gets it together.
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Post by Deleted on May 30, 2018 8:38:37 GMT -6
Lord Disick, RESPA laws don't allow them to charge a late fee or penalize you for a late payment in the first 60-days of the loan being sold. It's really just the hassle of the whole thing. Google tells me they're already violating federal law. So at least my annoyance is justified. "both your old and new servicers must notify you about the transfer of your servicing rights no less than 15 days before the effective date of transfer." I have received exactly 0 notice from the new servicer.
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rvasc
Emerald
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Post by rvasc on May 30, 2018 8:40:08 GMT -6
Put the money in savings and wait.
We’ve had US Bank and Chase and no problems with either.
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Post by GhoatMonket on May 30, 2018 8:40:21 GMT -6
Lord Disick , RESPA laws don't allow them to charge a late fee or penalize you for a late payment in the first 60-days of the loan being sold. It's really just the hassle of the whole thing. Google tells me they're already violating federal law. So at least my annoyance is justified. "both your old and new servicers must notify you about the transfer of your servicing rights no less than 15 days before the effective date of transfer." I have received exactly 0 notice from the new servicer. Your due date is not the effective date of transfer. I get being annoyed, but take a few deep breaths and stop spiraling. They aren't going to repo your house on June 2nd. |
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Post by Deleted on May 30, 2018 8:42:08 GMT -6
Lord Disick , RESPA laws don't allow them to charge a late fee or penalize you for a late payment in the first 60-days of the loan being sold. It's really just the hassle of the whole thing. Google tells me they're already violating federal law. So at least my annoyance is justified. "both your old and new servicers must notify you about the transfer of your servicing rights no less than 15 days before the effective date of transfer." I have received exactly 0 notice from the new servicer. Your due date is not the effective date of transfer. I get being annoyed, but take a few deep breaths and stop spiraling. They aren't going to repo your house on June 2nd. The effective date of the transfer is 5/29, notice should have been received by 5/14. I spend my life dealing with banking regulations. I know my house is not going to be repossessed. I'm just annoyed. |
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Post by GhoatMonket on May 30, 2018 8:48:08 GMT -6
Your due date is not the effective date of transfer. I get being annoyed, but take a few deep breaths and stop spiraling. They aren't going to repo your house on June 2nd. The effective date of the transfer is 5/29, notice should have been received by 5/14. I spend my life dealing with banking regulations. I know my house is not going to be repossessed. I'm just annoyed. You sound like you have moved into panic by wanting to mail off a payment with no account number because ERHMEHGERD. If you could stand to withdraw that money and set it on fire, by all means. Do that. Otherwise wait for the account number. As someone that deals with that, you should already know that is the correct course of action. |
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Post by allthedrinks on May 30, 2018 8:51:19 GMT -6
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thatgolfb
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Post by thatgolfb on May 30, 2018 9:03:22 GMT -6
I would definitely wait to make sure I had a loan number to reference. Hopefully it didn't go to Round Point because that's who mine was sold to and they fucking suck. Ugh, really? Ours got sold to Roundpoint. We haven't had any issues so far, though. |
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Post by spicysalmonroll on May 30, 2018 9:20:27 GMT -6
I would definitely wait to make sure I had a loan number to reference. Hopefully it didn't go to Round Point because that's who mine was sold to and they fucking suck. Ugh, really? Ours got sold to Roundpoint. We haven't had any issues so far, though. Just watch carefully if you make any extra principal payments. They will apply it wrong. I make one every spring and have to call to fix it every spring lol |
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Post by Deleted on May 30, 2018 9:34:07 GMT -6
Ugh, really? Ours got sold to Roundpoint. We haven't had any issues so far, though. Just watch carefully if you make any extra principal payments. They will apply it wrong. I make one every spring and have to call to fix it every spring lol Ugh. We had one servicer apply our extra payments wrong every.single.time. And I prepay principal with every payment, so that was fun. |
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Post by SayitaintSnow on May 30, 2018 10:05:27 GMT -6
Our mortgage just got sold too and I don't remember if they said it was a law or just their policy, but the original letter said that they wouldn't charge a late fee for the first month.I would just make sure you call on June 1 and be ready to make a payment over the phone or put a check in the mail that day. It seems like there's not much you can do until the new company gets it together. This. They legally can't penalize you for a certain grace period after your mortgage is sold (I think 30 days). Precisely because of situations like this. I'm surprised they didn't mention that in the notice you received about the sale.
ETA And I see this has been covered  |
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Post by theseaword on May 30, 2018 10:30:55 GMT -6
For 60 days from the date your loan servicing transfers, your new servicer cannot charge you a late fee or treat the payment as late if you sent it to your previous servicer on time or within the applicable grace period.
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