What Happens if My Mortgage Is Sold to a New Owner and the Mortgage Servicer Changes?
When the mortgage on a homeowner's primary home has been sold to a new holder or when the mortgage servicer changes, the Helping Families Save Their Homes Act of 2009 mandates that the homeowner receive notice no later than 30 days after the sale.
After receiving this notice, homeowners are expected to make mortgage payments to the new owner. Borrowers have a 60-day grace period in the event that they make mortgage payments to the former mortgage owner.
- What Is Loan Servicing?
- Which Servicing Companies Are Considered to Be the Best?
- What Happens After I Get the Loan?
- What Does Loan Servicing Include?
- What Are the Parties Involved in the Loan Servicing Process?
- What Type of Entities Are Mortgage Servicing Companies?
- Is There Any Difference Between a Bank and a Non-Bank Mortgage Servicer?
- What Are the Differences Between a Mortgage Lender and a Mortgage Servicer?
- How Do Mortgage Servicers Make Money?
- What Is a Small Servicer and Why Does It Matter?
- How Is the Quality of Mortgage Servicing Overall?