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How can a mortagag company sell my loan to other companies?

Posted on: 01st Nov, 2010 11:42 am
My mortgage is now being in the hands of Wells Fargo. I used a Morgage Company to buy my present home, they sold it without my knowledge, then that company after collecting one months mortgage payment, finally sold it to Wells. How can they make those transactions without my knowledge plus I never signed one mortgage paper to the last two buyers. I know this just can't be right--I think that somebody needs to look how these are bought and sold without the knowledge of the buyer and without any signatures - more or less-I didn't even have a say-so who should have my mortgage in the first place-it is a FHA and Wells is serviciing it right now--How can do business without the customers signature or knowledge???? Mystery??
Hi smitty36,

Welcome to mortgage fit,

I won't say that they do not have any signatures of yours...when you first applied to get mortgage you might have came across lots of signatures....so they have made a contract with you.....
Most of the time these contracts are backed by government securities and as long as the next person is willing to follow all the bye-laws of the contract it can be sold to that fellow.

So the loan is not sold rather contract is sold....and you have already signed the contract....So one can not have any objection as such regarding the legitimacy of the contract.

Feel free to ask any further query if you have.........

DIPA
Posted on: 01st Nov, 2010 12:12 pm
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