2nd Mortgage Still Not Sold = No Payment Due?
Hello, for our mortgage we have 2 loans. During signing we had to sign that it was ok for the company, Americorp, to sell both loans. The higher one is sold and fine. For the lesser one we received a letter 9 weeks ago saying it was being sold to Countrywide Financial. That they would be sending me a payment booklet and instructions, which they've sent me nothing, no address or phone # or anything.
I've called Americorp numerous times and they say the same thing, it's not sold YET. So I can't make any payments on it b/c Americorp won't accept the payment.
Is this a common practice? Why would it take months for the loan to be sold? Is there a way to insist that Americorp accepts the payments? I don't want to get hit w/ any late fees or have a really high bill months down the road. Thanks!
I would say keep paying the original lender faithfully and keep any and all copies of payment and correspondence. This way you have a payment history to show if any problems arise when they say you owe three months back payments. If the original lender returns your payment have them give you something in writing showing this refusal to accept payment. Get something in writing from them. Insist on it. It's your credit and name you need to preserve. Don't accept anything less than protecting yourself at all costs. You are just a number(credit score) to them, so protect it.
I just applied for my mortgage loan and as part of the application, I had to sign a Loan Servicing Disclosure. From reading it, It seemed to me to be a disclosure required by RESPA.
Anyway, you may want to see if you recieved one and if so, what your rights and responsibilities are according to it. Here is one that I found on the internet that is very similair to the one that I signed.
http://www.roypacmtg.com/Forms/Servicing%20Disclosure.pdf
A similair document may apply in your case.[ Edited by mach30 on Date 01/17/2005 ]
Ok, thank you, I will look into that. I can't imagine they can just take months to sell a loan, I'd think that they would be regulated somehow. Thanks!
they can take as little time or as long as they want to sell your loan. But, someone gets your payment in the meantime. Your Note will show who and where to send payments to. There should be a subheading something like Time & Place of Payments. Many loan packages also have the first 2 or 3 payment coupons included (look at the bottom of the payment letter - the one showing total payment in a column) or the next page. If no coupon, send it where directed in the Note and send it certified.