When Your Mortgage Is Sold

t may not be long after you assume ownership of your home—possibly after only one or two mortgage payments—that your mortgage lender will sell your mortgage. Servicing mortgage loans—collecting monthly payments, and reserving taxes and insurance premiums in escrow—is big business and quite separate from mortgage lending. Some lenders sell the servicing immediately after originating the loan; others sell blocks of loans as a way to raise cash. At least half of all mortgage debt in America is being serviced by companies other than loan originators or lenders. Problems with loan service are common, particularly once a loan is transferred from lender to service company.

Problems with loan service are common, particularly once a loan is transferred from lender to service company.

Here's how to respond to four of the most common servicing problems:

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