New Loan Number????

[faithnlve]

What is the name of your state (only U.S. law)? VT. Aurora no longer owns mortgage note...sold to Selene Finance. Selene Finance says there is a new loan number and wants permission to change it. Trying to do modification loan with many issues arising from this company. Them asking to agree to new loan number, does that mean they lost all paperwork? Should I agree? Will it change the foreclosure? thanks.

 

[sandyclaus]

What is the name of your state (only U.S. law)? VT. Aurora no longer owns mortgage note...sold to Selene Finance. Selene Finance says there is a new loan number and wants permission to change it. Trying to do modification loan with many issues arising from this company. Them asking to agree to new loan number, does that mean they lost all paperwork? Should I agree? Will it change the foreclosure? thanks.

If the loan was sold to another company, then the new company should still have all the loan documents intact. It sounds like they just need to issue a new loan number to identify your loan based on different numbering or identification standards for that company.

I wouldn't worry too much about it, unless they try to make you sign all new loan documents that don't happen to agree with what you have already negotiated with them.

If a different company is now handling your foreclosure/loan modification, it is entirely possible that it could change how they handle it due to a difference in processing, eligibility, and qualification requirements for that new company. Unless you actually came to terms with a loan modification with Aurora, then you don't have one, and you will be subject to whatever requirements exist for the NEW company handling your loan.

 

[OHRoadwarrior]

I have heard that selling the loan has been an active response to gov't rules encouraging the practice, because it restarts the process. I have no cite for this, so take it as unfounded knowledge.

 

[faithnlve]

If the loan was sold to another company, then the new company should still have all the loan documents intact. It sounds like they just need to issue a new loan number to identify your loan based on different numbering or identification standards for that company.

I wouldn't worry too much about it, unless they try to make you sign all new loan documents that don't happen to agree with what you have already negotiated with them.

If a different company is now handling your foreclosure/loan modification, it is entirely possible that it could change how they handle it due to a difference in processing, eligibility, and qualification requirements for that new company. Unless you actually came to terms with a loan modification with Aurora, then you don't have one, and you will be subject to whatever requirements exist for the NEW company handling your loan.

I found out Aurora is no longer in business. Aurora is the bank which initiated foreclosure 2 years back. I am trying to modify now through Selene now. I have mediation today. I got a call from Selene asking my permission to change loan number (this was done over the phone by their foreclosing attorney). I did not agree yet to do this yet. Since Selene claims they now own my mortgage and Aurora no longer is in business they told me it changes nothing and foreclosure still goes forward. Do I have any argument to all these issues? thanks.

 

[sandyclaus]

I found out Aurora is no longer in business. Aurora is the bank which initiated foreclosure 2 years back. I am trying to modify now through Selene now. I have mediation today. I got a call from Selene asking my permission to change loan number (this was done over the phone by their foreclosing attorney). I did not agree yet to do this yet. Since Selene claims they now own my mortgage and Aurora no longer is in business they told me it changes nothing and foreclosure still goes forward. Do I have any argument to all these issues? thanks.

Nope, you don't have any argument.

You STARTED the foreclosure process with Aurora. You are now attempting to MODIFY the loan through the new mortgage holder.

Whatever processing requirements and standards for a loan modification in effect when Aurora still owned the mortgage MAY NOT APPLY to the same loans now being handled by Selene. And negotiating a loan modification does not always guarantee that you will be approved for one.

As stated in my previous response, it is entirely possible that the change in loan number simply reflects a change to whatever numbering system Selene uses as opposed to what Aurora used before. It is ALSO possible that the change in loan number corresponds with the company's internal tracking for a loan that is undergoing a foreclosure or loan modification process.

Have you asked the specific reasons for the loan number change from someone at Selene? Because we can only speculate here. They would know better why they want to change that loan number.