Sunday, April 29, 2012

I've Been Sold

I finally opened my mail from Friday.  I thought it was all junk mail but I decided to open it anyway.  There was one from Fannie Mae.  I thought it was another bogus mortgage pre-payment plan (I've received at least a dozen of them) but it told me that Chase sold my mortgage to Fannie Mae.  How strange.  Fannie Mae is the one that kept me from getting that fixer upper that I wanted.  It turned out to be a good thing because this house is so much better than that one.

I was disappointed that my mortgage was sold for a second but then the letter said that Chase would still be the one collecting payments so it doesn't really matter.  All I want is to keep the convenience of having my checking, credit card and mortgage information all at one site.  Since I get to keep that, I am happy.


Dave said...

My old mortgage changed hands several times way back when. The first time my bank went bankrupt and got taken over by the Resolution Trust Company (established in 1989 in the wake of the 1980s S&L scandal). I still wrote the check every month to the same old mortgage holder, though. (Back then, automatic payments were very rare.)

Later, the RTC sold my mortgage to a new mortgage company which was good because I soon did a refi and that would have probably been messier had the RTC still been holding it.

Five years later, the mortgage company I did the refi with (and it was a bit of an ordeal) sold what little was left of the mortgage to another mortgage company. By then, I had set up automatic payment so I had to set it up again. Not a big deal. Six months later, I paid it off.

And my friend who just bought a co-op apartment (I have mentioned his story to you before) had his mortgage sold from one bank to another in the first month he took out the loan. So he got you beat LOL!

My Frugal Miser said...

Every mortgage I've had has been sold. This is common. Basically, Chase doesn't want to tie up their own cash in your home, so they sell it to someone else and use the money to make more mortgages. In your case they will continue to manage the mortgage for Fannie Mae.

Daizy said...

Sold 3 times Dave! How good that you paid it off. Who knows how many more times you would have been sold off. Your friend must have a very popular mortgage to get sold so fast. Mine is so small they probably had to pay Fannie Mae to take it.

Daizy said...

Frugal Miser, the funny thing is that my last mortgage was sold to Chase, that's how I ended up there and why I picked them for my mortgage originator. At least I can still pay through them.