Our mortgage has been sold to another company.

**KatieInLa2** · 07-18-2008, 10:52 PM

I received a letter today from our mortgage company and it said a new company owns our mortgage as of Aug. 1. We are current on the payment and have never been late in over 8 yrs. I looked up the new company and it looks like they have a bad reputation for deceptive business practices. Evergreen mortgage in FL. Has anybody else been through this? I need advice/opinions.

**PB&J** · 07-18-2008, 11:52 PM

It happens frequently, it isn't an indication of anything bad on your part.

Our mortgage has been sold twice and we have only had it for 2.5 years! It was sold before we ever made our first payment. lol Then a few months later it was sold again, this time to the same back we have all our other accounts with. A lot more convenient.

Nothing should change, other than who you write the check out to.

**Ilovesewing** · 07-19-2008, 12:10 AM

The majority of mortgages are sold... not a big deal and nothing to worry about!

**Greebo** · 07-19-2008, 06:22 AM

And also, there isn't a thing you can do about it, I'm afraid. Sales of debt like mortgages are common practice and 100% legal. Unless your mortgage paperwork had a guarantee that it wouldn't be sold (which would REALLY amaze me, most go out of their way to tell you they CAN sell it), welcome to your new mortgage holder.

Just pay your mortgage on time, making sure you send it to the new address, and wait for it to be sold again. Or better yet, pay it off early.

**Wendy99** · 07-20-2008, 01:39 AM

never heard of this ... no advice sorry!! never had that happen to me .. we've had our mortgage for 10 years ...

**Michelle** · 07-20-2008, 08:11 AM

Ours was sold right after we bought our house too, and then it was sold one more time in the 10 yrs we've lived in our house.

It didn't affect us at all, but I remember thinking, "Huh?"

when it first happened

**Momto2Boyz** · 07-20-2008, 08:52 AM

Ours was sold shortly after we bought our house too. We have never had any problems with the new company that bought it.

I would think, as long as your check is on time, you shouldn't have any problems with them (some companies are shadier than others with late pmts, fees, etc.). And if you escrow your taxes through your mortgage company, you just want to watch the new company and make sure they are paying them on time!

But I wouldn't think you should have any problems. Unfortuntaley, the only way to get away from the new owner, is to go back and re-finance somewhere else. But that won't guarantee that it won't get sold again to the same company or someone else!