Montgomery County MD - The Stop Foreclosure Institute recently received a question from James. “My loan was just sold. I was making payments to CitiFinancial and they sold it to Nationstar. Is that good or bad?” James asked.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here is the answer. It’s neither good nor bad. In fact, I don’t think your loan was sold. You see, most loans were packaged up and sold to Fannie Mae, Freddie Mac, or Wall Street.
James’s loan was more than likely packaged up and sold off. I asked him who his original lender was. He said it was a company called First Magnus. (First Magnus declared bankruptcy in 2007 and was afterwards closed.)
The Stop Foreclosure Institute has negotiated short sales on loans that were originally with First Magnus. The last one was sold to a large Wall Street Firm and securitized.
That means James’s loan could be owned by anyone. More than likely it is owned by Fannie Mae or Freddie Mac. If not, then it was probably sold to a Wall Street Firm.
The owner of the loan hired CitiFinancial to act as their front man. That means Citi collected the payments, handled escrows and accounting, and manages debt collections and foreclosures.
More than likely Nationstar did not buy the loan. Instead whoever owns the loan hired them to act as the front man instead of Citi.
Thinking about a loan modification? Our Montgomery Frederick & Prince George’s County loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send us an e-mail at info@rickthompsonteam.com to request a Free Copy.
Click here to request your free copy.
Thinking about a short sale? We can help you short sale your property so you can move on with your life. Send us an e-mail at info@RickThompsonTeam.com. We will contact you for a free consultation.
When we talk, we will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call Rick directly at (301) 758-1059.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here. Avoid Foreclosure, Keep your home & credit: StopMocoForeclosure.com, StopPGForeclosure.org, StopFrederickForeclosure.org
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Thanks for reading this, Rick Thompson & Team
Real Estate Agents at Remax Town Center. Montgomery Frederick & Prince George’s County Short Sales Realtor:
Rick Thompson Phone: (301) 758-1059 email us at: info@rickthompsonteam.com.
Chris Thompson Phone: (301) 758-2679
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Stop Foreclosure Institute of Montgomery County
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Rick Thompson & Team specializes in loan modification assistance and short sales in Montgomery County Maryland. Montgomery County Loan Modification Help, Montgomery County Short Sales. Montgomery County Short Sale Realtor Montgomery County MD Short Sales. Montgomery County Realtor.
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Important Notice
Rick Thompson & Team, Remax Town Center, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Rick's personal views and do not reflect the views of Remax Town Center.
This information on Question from homeowner: My lender just sold my loan. Is that a good thing? is provided as a courtesy to our viewers to help them make informed decisions.
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