Mortgage company sold loan during chapt 13

[brony]

I received a letter today from my mortgage company that they sold our loan to another no name company that I have never heard off. We are only about 6 months into our 5 year plan and I don't know what to do. Do we have to contact the trustee or does the new company? And is this completely normal that a company would do this right in the middle of a plan.

[lillymarlene]

Hi brony, welcome. Same thing sort of happened to me. I was with the same mortgage bank for years, a little small local bank. Then 6 months into my plan my mortgage was sold to a bank in another state. The mortgage is fixed, so except for rising property taxes, my payments have stayed the same. I don't think you have to do anything, and this is probably a perfectly normal thing for banks to do.

[andy158]

Same here only with car loans. Paying one in our plan and one outside the plan and bank was taken over by another. Same account numbers just a different name. Do nothing unless asked. It is very common.

[despritfreya]

You begin paying the new holder/servicer (keep very detailed records of your payments since you already know the new servicer will screw up your account). Assuming you stay current, the only time it becomes critical in the Chapter 13 is if your mortgage payments are paid through the Trustee. If they are paid through the Trustee you need to make sure he/she begins sending them to the correct party. Who is the new "servicer"?

Des.

[zeezee]

I'm 3 years into my 5 year plan and BOA just sold my loan to some company called Greentree for servicing in November. I'm paying outside the plan so they gave me a new account number and I just send my payments to them now.