My mortgage is being transferred to another company. What does this mean?
- SusieLv 71 month agoFavorite Answer
Nothing. Mortgages are bought and sold on a regular basis. The payment will be sent to the new owner. You will probably be sent a new payment booklet and/or instructions if you need to change any payment procedure.
- ️️️️️️️️️️️️️️️Lv 61 month ago
not at all in my opinion
- sunshine_melLv 71 month ago
Everything stays the same, but you now pay the new company instead of the old company
You'll get letters to confirm exactly what this means for you, and what changes
- StephenWeinsteinLv 71 month ago
It means you still have to pay the same amount, by the same due date, but now you pay it to a different company.
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- JudyLv 71 month ago
Very common. All it means for you is you'll make your payments to the new company. The terms of the mortgage will stay the same.
- SlickterpLv 71 month ago
It just means you pay the mortgage to someone else.
- SimplytheFACTSLv 71 month ago
you pay a different bank...nothing else....current sold it to another bank
- Wayne ZLv 71 month ago
You will just pay the same amount to the new holder.
My first mortgage was sold before I even made the first payment.
- babyboomer1001Lv 71 month ago
It is not being transferred to another company. Another company bought your mortgage. So you owe the new company now.