About a week ago we returned home to an urgent sounding phone message from our mortgage lender, Provident Funding Associates, saying that we needed to call them. Having been through this before, I knew exactly what they were going to say — they sold our mortgage.
Of course, I Googled the phone number that they left before calling them back just to be sure that it wasn’t a phishing scheme of some sort. When the number popped up on one of Provident’s contact pages, I gave them a call. Sure enough, they had sold our mortgage — or at least the servicing rights — to Wells Fargo Home Mortgage. This happens all the time, and it’s not a big deal. The terms of your loan remain the same, so you basically just need to start sending the money to someone else.
Here’s a tip for you… If you ever receive notice from a new loan servicer that your mortgage has been transferred to them, call the old servicer to verify that this is true — and don’t rely on contact information provided by the new servicer when doing this. If you naively start redirecting your payments to the new servicer, or try to call the old servicer using a number provided by the new servicer to verify the transfer, you could end up in a world of hurt. It’s possible that a scammer is trying to intercept your mortgage payments, and you might not figure it out until after the original servicer comes after you for non-payment.
For more information on moving, check out my Roadmap for a Successful Relocation.