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If you are current on your mortgage and it is sold to another lender how does that impact your FICO score?
Wiki User
∙ 8y ago
The sale of your mortgage on the secondary market should have no impact whatsoever on your credit score.
You may want to double check the status of your loan with your new lender, and make certain that your payment due date has not changed.
You probably signed documents when your loan was originated that not only allowed this sale and informed you of the possibility, but also decreed that the terms of your loan would not change. Check your original documents to be sure.
Wiki User
∙ 8y ago
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Can you transfer a mortgage to another property if one party is now bankrupt?
No. The lender owns the mortgage. You can't make any changes.No. The lender owns the mortgage. You can't make any changes.No. The lender owns the mortgage. You can't make any changes.No. The lender owns the mortgage. You can't make any changes.
What is another word for a mortgage lender?
Mortgagee. Secured party.
What is a mortgage assigned?
A mortgage assignment is a legal document whereby a lender transfers all its rights under a note and mortgage to another lender. The property owner continues to make their payments to the new owner of that mortgage.
Can a first mortgage foreclose with a second?
Yes. The second is subordinate to the first mortgage and therefore is at greater risk. If equity exists, the 2nd mortgage holder may receive payment for the debt when a senior lender forecloses. If there is not, then their lien on the property is wiped out and they must pursue the borrower in another fashion (such as a lawsuit). If the 2nd mortgage lender does not want the 1st lender to foreclose, they may choose to pay the 1st mortgage current before the foreclosure proceeds and attempt to collect or foreclose themselves.
How do you modify mortgage?
The lender owns the mortgage and only the lender can modify it. You need to discuss it with the lender.
Can I Transfer a mortgage in foreclosure to another name?
No. You have no authority to transfer a mortgage unless you are the lender. The lender can assign its rights under the mortgage to another lender. If you are the owner of the property transferring the property to another will violate the terms of the mortgage and may incur added expense to the foreclosure costs.
Can you transfer a mortgage to another property if one party is now bankrupt?
No. The lender owns the mortgage. You can't make any changes.No. The lender owns the mortgage. You can't make any changes.No. The lender owns the mortgage. You can't make any changes.No. The lender owns the mortgage. You can't make any changes.
What is another word for a mortgage lender?
Mortgagee. Secured party.
What is a mortgage assigned?
A mortgage assignment is a legal document whereby a lender transfers all its rights under a note and mortgage to another lender. The property owner continues to make their payments to the new owner of that mortgage.
Can a first mortgage foreclose with a second?
Yes. The second is subordinate to the first mortgage and therefore is at greater risk. If equity exists, the 2nd mortgage holder may receive payment for the debt when a senior lender forecloses. If there is not, then their lien on the property is wiped out and they must pursue the borrower in another fashion (such as a lawsuit). If the 2nd mortgage lender does not want the 1st lender to foreclose, they may choose to pay the 1st mortgage current before the foreclosure proceeds and attempt to collect or foreclose themselves.
What if you want to change the property of a mortgage loan?
You need to discuss it with your lender. The present mortgage would need to be discharged and the new mortgage executed if the lender agrees.You need to discuss it with your lender. The present mortgage would need to be discharged and the new mortgage executed if the lender agrees.You need to discuss it with your lender. The present mortgage would need to be discharged and the new mortgage executed if the lender agrees.You need to discuss it with your lender. The present mortgage would need to be discharged and the new mortgage executed if the lender agrees.
How do you modify mortgage?
The lender owns the mortgage and only the lender can modify it. You need to discuss it with the lender.
What does a primary mortgage lender do?
The primary mortgage lender holds the first mortgage. If his mortgage is not paid, he sells the property. He gets paid. You may have a second mortgage. If the second mortgage lender is not paid, he can sell the property. If he sells the property, the primary mortgage lender gets paid first, then the secondary lender gets paid.
How do you become a qualified mortgage lender?
A mortgage lender must be licensed and work within a bank, mortgage bank, or mortgage broker.
Is a property inspection required when a mortgage note is passed sold to another lender?
No.No.No.No.
When the original purchase money mortgage lender assigns the mortgage to a second party does the value of the benefits pertaining to purchase money remain the same?
Yes, if the lenders sells your loan to another lender. If you refinance -- No.
Can someone get a mortgage on a new house if they have not sold their current home?
Yes, but the existing mortgage (and interest on bridge loan) will be a factor in the points and interest on the new mortgage, as the initial risk to the lender is higher.
