What You Should Do If A New Mortgage Lender Takes Over Your Loan

What You Should Do If A New Mortgage Lender Takes Over Your Loan

Despite all the painstaking research you may have done on different mortgage companies, your mortgage servicer can change at any time. If this happens, there isn’t much you can do, except continue making your monthly payments. Here are a few things you can do to ease the mortgage transition process:

Check Your Mails

When your mortgage is being sold to a new servicer, you are likely to receive mails notifying you of what’s happened. If you have any type of debt, it is important to check your mails and keep a track of notifications you receive from your lender.

Pay Attention to Your Credit Report

If you missed your mortgage lender’s mail or if the mail was lost and undelivered to you, you may not know when your mortgage is sold to a different servicer. This is why it is important to go through your credit report from time to time. Your credit report will list the details of your past and current debts, including details of your mortgage servicer.

Ask Your Mortgage Lender

Although it’s not uncommon for mortgages to be sold, it is important to verify this with your original servicer. Unfortunately, many homeowners fall prey to mortgage scams. The best way to keep this from happening to you is by verifying the information with your original lender.

Make Payments as Per Schedule

If your mortgage is still transitioning from your current lender to a new one, it is important to keep making the monthly payments to your original servicer. Once the transition is finalized, you can start making payments to the new servicer. If you are unsure of whom to make payments to, you should contact your current loan servicer.

Keep a Track of All Payments and Communication

It is extremely important to keep records of your payments and any communication you may have had with your previous or new loan servicer during the mortgage transition process.

Remember that the terms of your mortgage do not change because your mortgage was sold, meaning you will continue making the same payments. That said, it’s a good idea to be aware of whom you are making payments to every month!