If a mortgage company sells a mortgage to another is...

[cdf0]

...that breach of our contract? Being I did not agree to pay the new company or sign a contract with them am I obligated to do so.I do not like the way the new company does business and I dont want to refinance and pay closing cost and the such. what can I do

[joy]

Dear Friend!

I think, you should go to refinance. Do you feel unsure about refinancing process?

Don't worry. The refinancing process is very simple. It involves paying off your existing mortgage loan and taking out a new one on the same house. Your new mortgage loan company could be at a more attractive interest rate, or for a different term. Or, you could switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage.

[Corey1023]

Actually you did sign a contract agreeing to pay them. Every lender uses either a Trust Deed or a Mortgage which contains an assignment clause. When you agree to take out the loan, you agree to pay whomever owns that obligation. You also sign agreeing that if they transfer ownership of the loan you will continue paying to that entity. If this were not the case you would see the mortgage market absolutely seize up.

The Liquidity afforded by being able to assign the notes associated with real estate is one of the beautiful functions of our market that allows us to have money available for making loans. Without this you would be relegated to always visiting your local banker for a mortgage, and would have very little in the way of choices or options.

[877YouKeep]

The MERS number was created as a way to track mortgages because every mortgage company uses a different naming convention. And you have no say so you pay or you do not stay, I am sure the title company said something on those lines as you signed the mortgage or Deed of Trust.
Refinancing is next to impossible especially if you are seeking To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily. on this To view links in this forum your post count must be 10 or greater. Your post count is 0 momentarily..