# Financial meltdown, mortgage question **URL:** \ **Category:** Factual Questions\ **Created:** [September 15, 2008, 4:29pm UTC](https://boards.straightdope.com/t/financial-meltdown-mortgage-question/463713 "2008-09-15T16:29:36Z")\ **Posts on this page:** 4\ **Page:** 2
**Author:** ![wmfellows](https://avatars.discourse-cdn.com/v4/letter/w/c2a13f/32.png) [@wmfellows](https://boards.straightdope.com/u/wmfellows)\ **Post date:** [September 16, 2008, 10:48pm UTC](https://boards.straightdope.com/t/financial-meltdown-mortgage-question/463713/21 "2008-09-16T22:48:10Z")
> [@ntucker](#): > > Of course, it’s going to be fairly obvious that they’re legit. But this still falls short of standards of authentication I’m used to dealing with in, say, computer security where lots less is at stake. Someone knowing all the right details doesn’t convince me I owe them a couple hundred grand, it just convinces me that at one time or another they had access to my file. > Right, this is what I’m asking about; assuming you want to be a stickler and prove it, what exactly are the nuts and bolts of that (I’m sure it varies, but for example…)? Calling them at the number they provided and asking them is obviously not going to fly, as the first thing they’d be likely to do is start asking you security questions which, if you aren’t sure of the veracity of the number, you shouldn’t answer. Well mate, it’s not an IT system, its contract law. Most of the real world doesn’t work like IT, never has, probably and hopefully never will. This might have been notideable to you. Effectively if you had doubts, you’d write to your original lender or prior holder questioning, and perhaps if you wished to piss away some money, engage legal advisors to question and challenge. But otherwise, you get the legal documentation, if you request, of the contract of sale between the parties. There it is. ---
**Author:** ![wmfellows](https://avatars.discourse-cdn.com/v4/letter/w/c2a13f/32.png) [@wmfellows](https://boards.straightdope.com/u/wmfellows)\ **Post date:** [September 16, 2008, 10:50pm UTC](https://boards.straightdope.com/t/financial-meltdown-mortgage-question/463713/22 "2008-09-16T22:50:28Z")
> [@Really\_Not\_All\_That\_Bright](#): > > Sure, but you were telling him he has prepayment rights because he was here. One has similar things under common law generally, so… ---
**Author:** ![Really\_Not\_All\_That\_Bright](https://avatars.discourse-cdn.com/v4/letter/r/e8c25b/32.png) [@Really\_Not\_All\_That\_Bright](https://boards.straightdope.com/u/Really_Not_All_That_Bright)\ **Post date:** [September 16, 2008, 10:57pm UTC](https://boards.straightdope.com/t/financial-meltdown-mortgage-question/463713/23 "2008-09-16T22:57:11Z")
> [@wmfellows](#): > > But otherwise, you get the legal documentation, if you request, of the contract of sale between the parties. There it is. I don’t know if you have the same option in Britain, but over here you can refuse the loan servicing agent permission to sell or transfer your mortgage. You have to do it when you sign your mortgage papers and custodial agreement, though. Some lenders- Suntrust, for example- don’t generally sell their mortgages, but many do as a matter of course. The lender is required to disclose how many of their originating mortgages they sell off as a percentage. ---
**Author:** ![Cub\_Mistress](https://avatars.discourse-cdn.com/v4/letter/c/ea666f/32.png) [@Cub\_Mistress](https://boards.straightdope.com/u/Cub_Mistress)\ **Post date:** [September 16, 2008, 11:39pm UTC](https://boards.straightdope.com/t/financial-meltdown-mortgage-question/463713/24 "2008-09-16T23:39:04Z")
> [@wmfellows](#): > > Well mate, it’s not an IT system, its contract law. Most of the real world doesn’t work like IT, never has, probably and hopefully never will. This might have been notideable to you. > > Effectively if you had doubts, you’d write to your original lender or prior holder questioning, and perhaps if you wished to piss away some money, engage legal advisors to question and challenge. > > But otherwise, you get the legal documentation, if you request, of the contract of sale between the parties. There it is. My home loan was sold between lenders several times during the life of the loan. Each time, I got a letter from the current mortgage servicing company announcing the change and telling me who to expect to hear from shortly. Then a couple of weeks later another letter from the new company giving me new coupons, new addresses, and new phone numbers. It was always very straightforward and businesslike. [Previous page](https://boards.straightdope.com/t/financial-meltdown-mortgage-question/463713.md?page=1)