Florida Mortgage | Loan Servicing ~ What Consumers Need to Know in this Market...

Right.

I emailed a few clients and told them to watch the mail.

They get so many mortgage solicitations I wanted to warn them not to toss a change notice away.

David,

In regards to this post, I had tried to have a client call their Mortgage company and arrange to help them, because of their payment situation, they were told, hey we can't help we are not a bank and just passed them off.. I think this post is very helpful most people don't understand...

Thanks,

Tom Weiss

Great post! I'm flagging to be featured.

This happened to me this year with my car loan. At first, I didn't believe it was "for real" because the notice came from the "new company" and not only didn't it look official, but it didn't come with a coupon book and I'd never heard of this company before. Since I'm on an automatic withdrawal of my payments program, it simply asked for my account information...scary. I actually held onto it for a few weeks and waited for my "old company" to send me a notice that they were indeed selling off my loan...which never came. So I finally called my "old company" to confirm that they had transferred my loan.

So a note to the consumer would be to always try to contact your "old company" to confirm (if possible) before blindly sending payments or account information to any "new company".

I'm worried that with all of the media attention out there regarding lenders closing their doors, that someone will decide this would be a good way to scam the public. Send letters...get account information or a check made payable to them for a large amount of money...then disappear. Yikes.