Posted on: 16th Nov, 2010 04:38 pm
We refinanced our home through Bank Star Mortgage (in Missouri) in September 2010. Our first payment was supposed to be November 1st. Bank Star sold our mortgage twice before September 22nd. They now say we owe them November's payment. I don't understand how we can owe a payment to a company that did not hold our mortgage at the time the payment was due. Additionally, they sold our mortgage to Wells Fargo for the amount on the settlement statement, so if we did pay them it would not go against our loan at all.
Bank Star said that there was a payment coupon in our closing documents that "proves" we were supposed to make our initial payment to them. There are three payment coupons. One for Nov, Dec and January. There is also a notice that they do not service the type of mortgage we have and they intend to sell it before the first payment is due (which they did). I need to know if I owe them the payment.
Thank you.
Bank Star said that there was a payment coupon in our closing documents that "proves" we were supposed to make our initial payment to them. There are three payment coupons. One for Nov, Dec and January. There is also a notice that they do not service the type of mortgage we have and they intend to sell it before the first payment is due (which they did). I need to know if I owe them the payment.
Thank you.
Hi jandsberry,
Welcome to Mortgage fit,
You need to solve this matter with consultation to Wells Fargo,your new lender.If Wells Fargo agrees for these 3 months coupon and is ready to consider it as a payment to them for the mortgage (in writing) then I won't any difficulty for you to pay Bank Star Mortgage.
Feel free to ask any further query if you have.....
DIPA
P.S. For all the e-mail correspondence make sure you CC it to both the lenders, existing as well as past.
Welcome to Mortgage fit,
You need to solve this matter with consultation to Wells Fargo,your new lender.If Wells Fargo agrees for these 3 months coupon and is ready to consider it as a payment to them for the mortgage (in writing) then I won't any difficulty for you to pay Bank Star Mortgage.
Feel free to ask any further query if you have.....
DIPA
P.S. For all the e-mail correspondence make sure you CC it to both the lenders, existing as well as past.
I would agree you should contact Wells and find out exactly the date of service transfer to them, so you can clarify if you should pay Bank Star. I would also tell Wells Fargo that the previous lender is trying to collect payments. Just because you receive notice of transfer to service it usually takes a few weeks for the new servicer Wells Fargo to actually create an account for you. It may be that you still owe Bank Star the first payment which at the time they owned the servicing rights to your mortgage they still can legally collect on. You need to find out the exact date of transfer to wells to figure out if Bank Star has a legit claim. Good Luck!!