Big John Posted January 30, 2009 Share Posted January 30, 2009 Here is the situation: I had not received the mortgage statement this month as I usually receive. I was going to send them a check as I usually did from an address on the prior statement, but call them on the number on the statement just to verify information. When I called, the person there said the loans were being taken over by another institution (US Bank) and should call them if I don't hear from them shortly and she gave me a number to call there. Hearing nothing and still nothing in the mail, I call that other number and get a US Bank recording that the number was not currently available and try again at a later date. I then did a little research and saw that my old mortgage company quietly went out of business earlier this month, and did not send out any notices nor information to the customers, and that the statement of US Bank taking over the mortgages was still just a rumor. Did not receive anything from US Bank nor any other banking institution either. So I feel I am in a lurch and don't want to be in arrears/foreclosure as I don't know the status of my mortgage, nor where to send this month's payment to. So I am looking for advice on what to do now. Quote Link to comment Share on other sites More sharing options...
i_am_the_swammi Posted January 30, 2009 Share Posted January 30, 2009 Congratulations on your free home! 1. I'd call another number associated with US Bank to see if you can reach a "live" person. 2. I'd call your existing lender for more information yet again, and continue calling them until you get an answer from them that you can live with. 3. I would type a letter outlining what you describe in your post, with specific dates, and then get it notarized. This will provide you a paper trail should any type of deliquency action be pressed in the future. One other thing you need to make sure of from your out-of-business lender: escrows. Often, when you pay your mortgage, you are also placing funds into escrow that are used to pay insurance and local taxes. Make sure this money is protected. Call your insurance carrier and loal tax offices to find out when the last payments were made, when future payments are due, etc. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted January 30, 2009 Share Posted January 30, 2009 my friend warned me about this when i bought in michigan. said it can be a pain when mortgages get sold or the place shuts down. no clue where your checks are supposed to go or escrow concerns. i went thru natl city and they just withdrew the amount every month. plus i had them agree that they wouldnt sell the mortgage. gl bj Quote Link to comment Share on other sites More sharing options...
Kid Cid Posted January 30, 2009 Share Posted January 30, 2009 swammi has some good info there. I know people that have had their mortgage sold 4 times in a span of two years and they go through what you are every time. The best thing to do is to keep calling both the old and new place until you have something firm that allows you to mail a check in. Sorry to hear about this BJ. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted January 30, 2009 Share Posted January 30, 2009 swammi has some good info there. I know people that have had their mortgage sold 4 times in a span of two years and they go through what you are every time. The best thing to do is to keep calling both the old and new place until you have something firm that allows you to mail a check in. Sorry to hear about this BJ. Mine was sold on day one. However, every time it's happened to me, the new company has contacted me in good time. Paying by EFT is a good idea, IMO - that way there can be an electronic switchover with zero hassle about mailing checks. Side note: I don't escrow anything. Insurance is paid directly to the insurance company via EFT monthly, property taxes are paid by check twice a year. That way the mortgage company hasn't got hundreds of my dollars tied up making money for them and not me. Quote Link to comment Share on other sites More sharing options...
muck Posted January 30, 2009 Share Posted January 30, 2009 Side note: I don't escrow anything. Insurance is paid directly to the insurance company via EFT monthly, property taxes are paid by check twice a year. That way the mortgage company hasn't got hundreds of my dollars tied up making money for them and not me. I do not believe this is an option unless you have more than 20% equity in your house. Quote Link to comment Share on other sites More sharing options...
Missoula Griz Posted January 30, 2009 Share Posted January 30, 2009 I do not believe this is an option unless you have more than 20% equity in your house. Correct. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted January 30, 2009 Share Posted January 30, 2009 I do not believe this is an option unless you have more than 20% equity in your house. True but if you have, it's a no brainer. Quote Link to comment Share on other sites More sharing options...
Double Agent Posted January 30, 2009 Share Posted January 30, 2009 I do not believe this is an option unless you have more than 20% equity in your house. We don't escrow and we bought a new home with an 80/20 loan (no equity). Quote Link to comment Share on other sites More sharing options...
Scooby Posted January 30, 2009 Share Posted January 30, 2009 if I were in this situation, I would just mail my check as usual to the original company since I wasn't told otherwise, make a copy of the check along with a letter of instruction with my concerns and send it via certified mail with a proof of delivery (and who signed for it) mailed back to me...I'd also get a copy of the check once it clears my bank..that way you have documentation of every step of the process and no one can say you're deliquent...it probabaly wouldn't hurt to make it a cashier's check no less....one thing my mother-in-law taught me, make copies, make copies, make copies with anything you're doing with $$$, she also says, shred, shred, shred!!!! Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted January 30, 2009 Share Posted January 30, 2009 We don't escrow and we bought a new home with an 80/20 loan (no equity). The 20 in the 80/20 is counted as your equity since you paid for one fifth of the house outright. Quote Link to comment Share on other sites More sharing options...
billay Posted January 30, 2009 Share Posted January 30, 2009 I don;t know BJ. Seems to me like you should put your mortgage payments aside (like into a new escrow) and continue paying into that account until you are contacted by your new lender. I'm no expert however. Quote Link to comment Share on other sites More sharing options...
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