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Updated almost 2 years ago on . Most recent reply

User Stats

22
Posts
9
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Jonathan Buelow
  • Rental Property Investor
  • Wisconsin
9
Votes |
22
Posts

Keeping the loan but changing lenders

Jonathan Buelow
  • Rental Property Investor
  • Wisconsin
Posted

When I purchased my rental property I used one company but they have pushed us off to another one. After 8 months I have had to deal with numerous incompetent people and can't stand it anymore. Is there a way to find another mortgage company to "assume our loan" (not sure if that is the correct term) I am not looking to refinance, just find a more competent company.

  • Jonathan Buelow
  • Most Popular Reply

    User Stats

    1,836
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    Jeff Copeland
    • Real Estate Agent
    • Tampa Bay/St Petersburg, FL
    2,065
    Votes |
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    Posts
    Jeff Copeland
    • Real Estate Agent
    • Tampa Bay/St Petersburg, FL
    Replied

    A large percentage (90%+) of conventional, FHA, and VA loans get sold in the secondary market 6-12 months after origination. This is why Fannie Mae and Freddie Mac exist. It's typical and happens almost every time.

    Like @Nathan Grabau said, your servicer simply collects your payments and manages your escrow account for taxes and insurance. It isn't rocket science. Other than updating your payment information and making sure your payments are going to the right place, it's usually not a major change. 

    What are they getting wrong?

    • Jeff Copeland

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