Jim
Mesa,#2Consumer Suggestion
Fri, March 18, 2005
Carl, I am a sales manager for a mortgage bank. Look at the final document package you signed. If the company that did your loan new who it was being sold to at the time you signed the documents, that information should be in there. If they didn't know for sure who it was going to when you signed, and has been sold since then, you should have been given notice of who it was sold to. You have a legal right to know who purchased your note and the purchaser and servicer may very well be 2 different companies. If the company that did your refinance won't tell you who purchased the loan, get an attorney. One last bit of advice for you and whomever else might read this. NEVER EVER SKIP YOUR MORTGAGE PAYMENT!!! I don't care what the loan officer tells you. Make the payments!!! The worst case that could happen in this situation is that your payment doesn't get posted to your account prior to funding date. All that means is the payment you sent get's sent back to you. I have never told a client to not make there payment and any loan officer who tells you otherwise is NOT working in your best interest. Also, regarding the pre pay penalty. Almost every loan out there has a pre payment penalty of some kind today. Or you pay more fees and or higher rates. One way or the other, these investors are NOT your friends. They are in this business for one reason only, money!!! So read the full terms of the pre pay penalty. It may not be as bad as you think. Chances are, the penalty may only apply if you refinance again in the next 5 years. It may not even apply if you sell the house and it most likely allows for you to pay extra to your principle, most are up to 20% extra, per 12 month period during the term of the penalty. I really need to start my own mortgage consulting business. Let me know if you have any other questions. I'll help as much as I can. Good luck.