GREENSBORO, N.C. — Right now your home is not for sale, but your mortgage could still be sold to another bank. It's a growing trend. In fact, it just happened to WFMY News 2's Ben Briscoe. He got an email out of the blue from a place called Mr. Cooper saying they were taking over my loan. His first thought was: wait what? Is this a scam?
So 2 Wants To Know went to the experts from BankRate.com to find out what to do. Here's what they advise if you find out your loan is being sold.
First things first, call your current loan company and confirm that it's real! ask them the date when you'll switch to start making payments with the new company. And while you're on the phone, ask them to stop auto drafts from your account just to make sure there won't be a mix up!
This next part is really important: don't panic! Loan sales happen all of the time. The terms of your loan won't change. You still have the same interest rate and payment schedule.
According to the Federal Trade Commission, you've also got a 60-day grace period after a transfer. During that time, you can't be charged a late fee if you sent your on-time payment to the old place by mistake. But just in case there's any confusion you want to keep all your bank statements from the months around the transfer. They could end up helping you prove that you made a payment.
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