Why did my loan change hands?

By Kimberly Shane

Why did my loan change hands blog-01You have closed on the purchase of your home. You have moved all your belongings into the new house. You are sifting through the dozens of pieces of mail you’ve received from local companies then you see a notice of transfer. Meaning your loan has been sold.

This could cause fear in some folks, but it shouldn’t. Your loan has closed which means that it’s terms will remain the same. The only thing changing is where you will send your payments. If this does take place you will receive a “Goodbye Letter” or the notice of transfer from the mortgage company or bank with whom you closed your loan. In addition to that letter, you will also receive a “Hello Letter” from the new servicer. Sometimes the Goodbye Letter and the Hello Letter are combined, and you’ll receive only one letter.

If you receive a “Hello Letter” without that notice of transfer, do not send your payment information—there could be scammers attempting to trick you. Keep in mind that your loan number and other specific account details will be included in these letters which can help you to substantiate the validity of the content.

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Tags: Buying, loan types, home buying, monthly payment, mortgage payment, House Buying