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Open Book Advisorsâ„¢ | My Loan Was Sold ---Can New Lender Change Terms? |
I have never heard of this......
and even recall in all documents signed personally and for my clients the disclosure by lenders regarding selling of loans, how many of their loans they sell and that the terms dont change.....and yet
My lender sold my loan that they have held and serviced for atleast 3 yrs. when I got the loan, flood was not required by them......and my new lender just sent me a letter that they are requiring that I now get flood insurance on this rental property....
is flood insurance requirement regarded as a "term" technically or when the disclosure says terms will not change, do they narrow the definition of 'terms' to just rate, payment & length of loan?
Thanks for your help............
Additional Details
I have not gotten out my documents from the original loan, but I know that when signing and you get to that page it is always explained that this is the disclosure regarding the selling of loans and states your terms wont change. Yes I know loans are sold all the time.
I don't think refinancing to avoid $400 insurance a year is smart considering the rate I have on it currently and where rates are now......
anyone else? |
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Sean Allen
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No the terms of your loan can not change from what was on the original documents which you signed at closing. They are requiring Flood insurance because FEMA has changed the flood maps since you closed on your loan. If the flood maps have changed then the lender, regardless of who they are can require you to have flood insurance. If you do not get the coverage on your own, the lender will order it and bill you for the premium....I can guarantee you that if the lenders orders it, the premium will be at least double what you would pay if you got it yourself. The lender will not shop for the lowest rate. |
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kristen w
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If you are in a flood zone then it is mandatory that you have flood insurance. There is no way around it. WHen your loan is sold, the rate, term and payment stay the same. You should have recieved a Servicing disclosure statement at the initial credit application and signing of disclosures. Your previous lender may have overlooked the flood, but if it is in a flood zone, you need to carry it. There is nothing you can do about that. But I will suggest you find it somewhere and pay it because if you dont, they will force place it and sometimes you pay double and they add it to your monthly payment. You can find out if you are in a flood zone through FEMA
FEMA Flood Maps
http://www.fema.gov/business/nfip/mscjumppage.shtm |
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Moondog2277
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go to your local planning department and ask if your house is in a flood zone. If it isn't then you don't need flood insurance ..Many insurance companies are barnstorming people into buying insurance they don't need. Even threatening cancellation of the policy if you don't get it.
If your house is not in a flood zone get a letter from the zoning department head and send it to the insurer 'return receipt requested' Then you will have a leg to stand on. My sister is going through this now.
And yes any company can sell of the loans to other companies to 'unload debts' and gain cash flow.
Usually the terms of the loan will not change, but in the change of hands many suffer because of improper transferance and your payment may go to the wrong loan company.
If there are any changes to be made they must notify you to keep it legal. Never turn over your original documents to the new company for review, send them copies only. They can easily get lost in the shuffle and you may never know if anything was changed or not. |
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Expert Realtor
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Loans are sold all of the time, but the insurance part is not a 'term".
What has happened, is from the time you purchased the home to the time it was sold, your home is most likely in a newly mapped flood plain.
You have the legal right to see it. Go to www.fema.gov and there is a section where you can put in your physical address to double-check. If you are not in a flood zone, then legally, they CANNOT require you to carry flood insurance. |
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Dee
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They can't change the terms of the loan. Read the papers that you signed, maybe the flood insurance was a term of the contract but the first lender didn't enforce it. If it isn't mentioned in the loan documents, write a letter to your new lender and tell them they are asking for something that you are not required to do. |
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qman
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Loans are sold all the time. It's happened a couple time with me. The payments and rates can't change. I'm not sure about insurance requirements. You may want to ask a real estate attorney. |
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age_of_brains
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I dont think terms could b changed.
But wd b better if you discuss this thing with any third party firm first to get clear advice,,for this you may leave ur contact information on any company of repute,they will contact you in no time.
http://angle-mine.blogspot.com |
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richard t
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look at the papers you signed...if confused get a real estate lawyer to interpit it for you.............. |
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fifibonjour
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What will they do if you don't get the insurance?
If you are making your payments they would have to make a judicial foreclosure, wouldn't they?
Make sure that you understand the terms of the origional note.
This might be a good time to refinance. |
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rwa000
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no |
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Freedom
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Don't worry loans are sold all the time. larger companies buy dept from smaller companies to gain more assets. Your rate and Principal can not change because you have signed a legal contract. However there could be new fees associated with the account that not apply before. Also your mortgage could be sold again. you should contact some one in the financial field to help you insure you situation. I suggest ( FreedomBells) They are on yahoo groups. |
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