Can a previous mortgage loan company foreclose on a home?
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My husband and I acquired a loan through a mortgage company; I'll call this loan company 'A'. We sent our first mortgage payment to this company in March, and then we received a letter stating that our loan had been sold, and that all further payments would be due to loan company 'B', starting as of April 1st.
We received our payment coupon from loan company 'B' the next week, stating that our first payment was due May 1st. We made this payment to company 鈥楤鈥?
We then received a letter from loan company 'A' stating that they were going to foreclose on our loan.
Company 'A' had forwarded our first check we sent to them to company 'B' without notifying us.
There is no way we can afford to pay a double payment one to both companies, for the payment they didn't accept and forwarded to company 鈥楤鈥?back in March.
Can they do this?
Our loan is now with loan company 鈥楤鈥?
Can a previous mortgage loan company foreclose on a home?I had a similar situation, but my loan was sold 3 times in 3 months. B and C had no record of the payment to company A.
I finally ended up getting the supervisors from all three companies on a conference call and had them notate the file and start working together to track the money down.
It took 3 months to resolve! BUT, company C removed the late payment report on my credit within 24 hours of it appearing and it all worked out in the end.
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