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 working on LOAN MOD and NOW Chase just sold my loan??? View next topic
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1uponwallstreet
Dud?


Joined: 12 Jan 2009
Posts: 17
Location: OC

working on LOAN MOD and NOW Chase just sold my loan???
PostPosted: Sat Jul 24, 2010 8:27 pm Reply with quoteBack to top

Hello All

Ive been working with Chase for a few months now working on my loan mod...We have been going back and forth as they continue to ask for additional documenation. I then have to call and wait 45 minutes to speak with ...All this work and its now on the final leg of the loan mod only to find out they Just SOLD MY LOAN to another lender? I called Chase and they didnt know about it but sense I told them they were no longer able to work on th loan mod? I was told I would have to call the new lender and they dont know if I would have to start all over again? Anyone dealing with the same issue?

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syntheticheroin
Nitroglycerin


Joined: 05 Mar 2007
Posts: 646
Location: Lake of the Ozarks

Re: working on LOAN MOD and NOW Chase just sold my loan???
PostPosted: Tue Jul 27, 2010 10:50 pm Reply with quoteBack to top

I would urge you to stay on the phone until you find an attorney in your area familiar with these issues.

A rare bird, but they are out there.

Make it a Great Day.


Scott

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brclarke
Dud?


Joined: 02 Aug 2010
Posts: 1

Re: working on LOAN MOD and NOW Chase just sold my loan???
PostPosted: Thu Aug 05, 2010 7:10 am Reply with quoteBack to top

Absolutely, based on my experience (with some Auckland Lawyers ) if they transfer your loan it means you would have to start over from scratch. You're lucky if the company would accept a loan modification, sometimes they transfer you to a company that won't deal with a loan modification and only accept what they call a "payment plan" to reduce the amount of the late payment only. I don't mean to scare you, but you really have to be certain about this, you better make sure and call the new company to know what you really dealing with -
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mortgagemadness
Flash in the pan


Joined: 23 Dec 2007
Posts: 40
Location: 3rd Rock from the Sun

Re: working on LOAN MOD and NOW Chase just sold my loan???
PostPosted: Tue Sep 21, 2010 2:16 pm Reply with quoteBack to top

You were sold to IBM Mortgage Services. They are a subservicer https://www.lbps.com/About.aspx platform for mortgage servicing. FNMA went to the big banks and literally "twisted their arms" and forced them to sell off part of their servicing portfolio as apart of a pilot program in privatizing FNMA. Welcome to part of the social experiment.
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t2940
Schumpeter Reincarnate


Joined: 13 Feb 2008
Posts: 5548
Location: cave dweller

Re: working on LOAN MOD and NOW Chase just sold my loan???
PostPosted: Tue Sep 21, 2010 9:15 pm Reply with quoteBack to top

I had to start mine all over...........TBW had it and worked on it for a year and approved it and then went BOOM...........BOA got it and tried to find me for a year..................got the mod package the other day and they gave me two days to build a two inch thick package.................LOL.............you'd think they'd hire me as a processor since i can do it so fast Laughing
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