Month: January 2017

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Refinancing won’t solve this, at least not permanently

Typically, the originating mortgage company services their own loans for the first year, and some up to five years. Then, 90% of them sell to investors. That’s what happened here. The mortgagee (ie the homeowner) does not have any control over that process or who the loan is sold to. So one to five years after refi, that new loan could end up anywhere, including with Greentree. Refi if it makes sense to do so for rate improvement, etc. But not for this reason.

As an aside, when folks see in the news that China owns a lot of the paper on American homes, this is how that happens. Those mortgages are sold to whomever wants them. Kind of a scary thought.

Several years ago our mortgage was sold to Everhome

We had never heard of them before either. I wish I could say it was a good thing, but it hasn’t been. They are heartless. We’ve have issues with them saying they didn’t get our payments ontime. At first it was through their website that I was making the payment and I had to prove to them that is was deducted by them from my bank account BEFORE the due date. Then I stated to pay with my bill pay to them and again they tried to do it again. I had to go to my bank who proved to them that the payment was accepted by THEIR electronic system 7 days before the payment was due. They have been horrible.

As for GreenTree, I’ve never heard of them before but I wonder what the 1049 complaints were for. Some people complain about nothing while others have very valid reasons. I wonder if the complaints were part of a class action suit?

Good luck. If you have issues, it might be time to refinance if you are in a position to do so.