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  1. #1
    mnoad is offline Junior Member
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    Mortgage Company Sold Mortgage

    What is the name of your state? Florida

    We had a 15 year mortgage with a balloon payment at the end. I continuted making payments until October 2006 when I became unemployed. Because I was not getting phone calls (cancelled my house phone) the mortgage company sold my mortgage to a "we buy houses" company.

    What are my rights? I have not been notified by mail by the mortgage company (except for a demand for payment in November.) Can the new guy forclose on my home or change the terms of the note?

    Can he demand payment in full without a grace period?
    Last edited by mnoad; 01-05-2007 at 01:04 PM. Reason: changed date
  2. #2
    BelizeBreeze is offline Senior Member
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    Quote Originally Posted by mnoad View Post
    What is the name of your state? Florida

    We had a 15 year mortgage with a balloon payment at the end. I continuted making payments until October 2006 when I became unemployed. Because I was not getting phone calls (cancelled my house phone) the mortgage company sold my mortgage to a "we buy houses" company.

    What are my rights? I have not been notified by mail by the mortgage company (except for a demand for payment in November.) Can the new guy forclose on my home or change the terms of the note?
    The terms of the note will remain the same. And yes, the 'new guy' can forclose if you do not meet the terms of th eloan.
  3. #3
    mnoad is offline Junior Member
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    Mortgage Co sold Mtg

    I really want to know what is required.

    Was my mortgage company required to notify me in writing that they were going to sell the mortgage?

    If someone purchased my mortgage, was it required to be recorded on the deed and could I tell that it has been?

    Will HUD help me since this is a first mortgage?
  4. #4
    lcannister is offline Senior Member
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    Yes, they can foreclose at any time now. My suspicion though is that they will try and talk you into new terms that are HEAVULY weighed in THEIR favor!

    And at this point the price to drag yourself current is going to be thousands more than the payments you have missed.

    You can file BK and stop the foreclosure. See an Atty! Yesterday.
  5. #5
    mnoad is offline Junior Member
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    Thumbs down

    I have the $15k ready to pay off the amount that my orginal mortgage co told me was the payoff. The new mortgage owner told me today that I had to pay his attorney fees for purchasing the mortgage.

    Is this true? He has not filed a lien or foreclosure judgement against me. Why am I required to pay for his attorney fees (btw, the same attorney that represented the first Mortgage company is representing the "we buy houses" morgage owner.)
  6. #6
    nextwife is offline Senior Member
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    AS soon as you defaulted, the lender had every right to change any legal fees, penalties and fees that were provided for in the mortgage terms. See your documents.

    They are NOT required to obtain your prior permission nor pre-notify you of the sale of their loan. YOU missed payments- they may have every right to charge fees or accelerate the loan and require the entire balance - based on the mortgage terms.

    Frankly, being unemployed is not the lender's problem. It was your responsibility to pay out of savings, or whatever you could access, even if it meant taking on a roomate and part time job for a few months to help cover the payments.
  7. #7
    mnoad is offline Junior Member
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    Angry

    There were no attorney fees associated with the previous mortgage owner. You are probably one of those "we buy houses" investors, who prey on homeowners, in the guise of "helping" them.

    I will pay the mortgage and then I will sue the new mortgage owner for fraud. I will expose him and all of you scammers in the media.
  8. #8
    nextwife is offline Senior Member
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    HAVE you actually reviewed your mortgage at all yet? To actually determine what is and isn't allowed in YOUR mortgage terms?
  9. #9
    lcannister is offline Senior Member
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    Quote Originally Posted by mnoad View Post
    There were no attorney fees associated with the previous mortgage owner. You are probably one of those "we buy houses" investors, who prey on homeowners, in the guise of "helping" them.

    I will pay the mortgage and then I will sue the new mortgage owner for fraud. I will expose him and all of you scammers in the media.
    Oh Brother, YOU and YOU alone are responsible for signing paperwork when you did not have the slightest idea what you were doing. YOU and you alone were not prepared for the possibility of being out of work( for whatever reason) for a few months.

    Only thing YOU will expose is your own ignorance and possibly your own butt!
  10. #10
    BelizeBreeze is offline Senior Member
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    $15,000 to pay off the previous debt and now you don't want to pay a few hundren? Sounds like someone is trying to play a game
  11. #11
    moburkes is offline Senior Member
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    Quote Originally Posted by mnoad View Post
    There were no attorney fees associated with the previous mortgage owner. You are probably one of those "we buy houses" investors, who prey on homeowners, in the guise of "helping" them.

    I will pay the mortgage and then I will sue the new mortgage owner for fraud. I will expose him and all of you scammers in the media.
    WHAT fraud? Mortgages are sold every day. My sister hadn't paid her first payment, and her mortgage was sold. It was sold within DAYS of the closing. It happens all the time. Even if the mortgage had NOT been sold, when you default on a payment, they can call the loan, and make it due in full WITH FEES IMMEDIATELY. They didn't sell your mortgage because you didn't have a phone. That's one of the craziest things that I've heard. You could have gone to the corner pay phone and called them. Why should they have to call you when you owe THEM money? You're an idiot. Come back and tell us how much the fraud lawsuit has cost you.
  12. #12
    LindaP777 is offline Senior Member
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    The OP is full of the "blame others, it's not-my-fault" attitude! GROW UP!

    And as far as the comment;
    Quote Originally Posted by mnoad View Post
    You are probably one of those "we buy houses" investors, who prey on homeowners, in the guise of "helping" them.
    Again proves the lack of knowledge and maturity. Many investors actually do help out homeowners behind in their mortage and want out of the house they no longer can afford. Buying their house for the balance of the mortgage often time saves their credit AND gives them a leg up on the rest of their life. It's best not to cast aspersions when you don't know what you are talking about.

    And as for this;
    Quote Originally Posted by mnoad View Post
    I will pay the mortgage and then I will sue the new mortgage owner for fraud. I will expose him and all of you scammers in the media.
    Please post back and tell us how that goes for you!
  13. #13
    seniorjudge is offline Senior Member
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    Quote Originally Posted by mnoad View Post
    There were no attorney fees associated with the previous mortgage owner. You are probably one of those "we buy houses" investors, who prey on homeowners, in the guise of "helping" them.

    I will pay the mortgage and then I will sue the new mortgage owner for fraud. I will expose him and all of you scammers in the media.
    ...There were no attorney fees associated with the previous mortgage owner. ....

    Read your mortgage (or deed of trust). That info is in there.
    There are two rules for success:

    (1) Never tell everything you know.
  14. #14
    mnoad is offline Junior Member
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    Whoa...

    Hit a nerve. Looks like the "we buy houses" pretatory lenders are all that look at these messages.
  15. #15
    moburkes is offline Senior Member
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    Quote Originally Posted by mnoad View Post
    Whoa...

    Hit a nerve. Looks like the "we buy houses" pretatory lenders are all that look at these messages.
    You're so right. The only house I've ever bought is the one that I live in. When I was at the closing paper, I looked at each document before I signed it. Before my 3 day right of recission period ended, I had READ every document that I signed. I realize that if I make a payment 1 day late, that I could be asked to pay my loan in full. I realize that my mortgage may be sold. I realize that if I cannot make a payment, or I will be late, that I should call my lender. I did not sign any document that I didn't agree with. I don't expect the payment to be made by itself. I know that by the time I finish paying for my home, I will have paid for it 3.5 times, and I have an AWESOME interest rate. I chose to be an informed, and responsible, consumer. Yep, I'm what you would consider a predatory lender.

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