My mortgage loan has been transferred?
I recently refinanced my home with a new bank and I just received a notification of transfer of my mortgage loan to a shareholder owned company that will not service my loan and ask me to keep sending my payments to my original lender. I received the letter from the new company and not from my bank. My question is, why I have to keep sending the payments to my bank and not to this new company? I’ll appreciate any clarification based on business laws.
And no MY TAKE ON IT, I am not looking for a loophole to get out. I just refinanced the house from a 30 yrs. loan to a 15 years loan (with a goal to payoff in 10) at a lower rate so I don’t have and never had problems sending the payments. What I meant with laws is to make sure that the bank is doing the right thing without affecting my mortgage. I always pursue the understanding of how things work otherwise I would be puppet of the circus in where we are living on these days.