# Stop mortgage from being sold to evil company. **URL:** \ **Category:** Factual Questions\ **Created:** [May 27, 2013, 1:45am UTC](https://boards.straightdope.com/t/stop-mortgage-from-being-sold-to-evil-company/659439 "2013-05-27T01:45:31Z")\ **Posts on this page:** 6\ **Page:** 2
**Author:** ![Dragwyr](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/dragwyr/32/2855_2.png) [@Dragwyr](https://boards.straightdope.com/u/Dragwyr)\ **Post date:** [May 28, 2013, 7:25pm UTC](https://boards.straightdope.com/t/stop-mortgage-from-being-sold-to-evil-company/659439/21 "2013-05-28T19:25:59Z")
This actually just happened to us a couple of months ago. We had our mortgage through one company, then they sold it to a company that both my wife and I don’t consider very trustworthy. We had no notification of the sale until we got notice from the new company on how to send payments (They wanted online payments, but their online payment system was awful and not secure at all.) We had no other recourse other than to refinance. So we are now in the process of refinancing through our local credit union. Its turning out to be a great move for us as we are saving 5 years and over $50,000 on our mortgage, plus we are financing at a rate of 2.7% (Down from 5% with the old loan). Overall, our monthly mortgage payment will be down and we will be paying it off over a shorter time period. We couldn’t be happier. ---
**Author:** ![friedo](https://avatars.discourse-cdn.com/v4/letter/f/8edcca/32.png) [@friedo](https://boards.straightdope.com/u/friedo)\ **Post date:** [May 28, 2013, 7:38pm UTC](https://boards.straightdope.com/t/stop-mortgage-from-being-sold-to-evil-company/659439/22 "2013-05-28T19:38:07Z")
> [@Dragwyr](#): > > Its turning out to be a great move for us as we are saving 5 years and over $50,000 on our mortgage, plus we are financing at a rate of 2.7% (Down from 5% with the old loan). Nice job! That’s a helluva rate. ---
**Author:** ![Jman](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/jman/32/4416_2.png) [@Jman](https://boards.straightdope.com/u/Jman)\ **Post date:** [May 28, 2013, 8:06pm UTC](https://boards.straightdope.com/t/stop-mortgage-from-being-sold-to-evil-company/659439/23 "2013-05-28T20:06:22Z")
> [@friedo](#): > > How are consumers being harmed when a mortgage is sold? In my case, it doesn’t…but if your lender is selling your mortgage to a lender that does shady dealings, or has really poor service, or something along those lines, there should probably be some sort of protection for the consumer, since they didn’t originally choose to use that institution for their loan. It’s not high on my priority list…both my mortgage sales were handled extremely smoothly and transparently, and nothing, frankly, has changed (my auto payment continued to the right place in all situations…I didn’t have to worry about that)…but I’m sure not all lenders are great. ---
**Author:** ![deltasigma](https://avatars.discourse-cdn.com/v4/letter/d/e5b9ba/32.png) [@deltasigma](https://boards.straightdope.com/u/deltasigma)\ **Post date:** [May 28, 2013, 8:20pm UTC](https://boards.straightdope.com/t/stop-mortgage-from-being-sold-to-evil-company/659439/24 "2013-05-28T20:20:01Z")
The rate on the 10 year treasury note was up nearly 8% today - from just over 2% to 2.17% That may not sound like a lot, but in the world of treasury securities, that’s unusual to say the least. This has [a lot of implications](http://www.bloomberg.com/news/2013-05-28/yen-weakens-as-japanese-shares-fluctuate-copper-gains-with-corn.html) but mainly that there is a general consensus that the economy is improving. ---
**Author:** ![Quercus](https://avatars.discourse-cdn.com/v4/letter/q/7ab992/32.png) [@Quercus](https://boards.straightdope.com/u/Quercus)\ **Post date:** [May 28, 2013, 8:31pm UTC](https://boards.straightdope.com/t/stop-mortgage-from-being-sold-to-evil-company/659439/25 "2013-05-28T20:31:53Z")
Just chipping in: if you’re a member of (or can join) a local Credit Union, they may tend to hold on to their mortgages. They’ll at least probably be more honest about whether they hold onto or sell off mortgages. (my mortgage got sold a couple of times, then I re-fied with the Credit Union and they haven’t sent it anywhere yet). ---
**Author:** ![kayaker](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/kayaker/32/441_2.png) [@kayaker](https://boards.straightdope.com/u/kayaker)\ **Post date:** [May 28, 2013, 8:45pm UTC](https://boards.straightdope.com/t/stop-mortgage-from-being-sold-to-evil-company/659439/26 "2013-05-28T20:45:37Z")
> [@friedo](#): > > How are consumers being harmed when a mortgage is sold? When my mortgage was sold to **CHASE** , things began going wrong. Phone calls eventually remedied each screw up, and they would send me apologies and checks for $25, but my time was worth more. My remedy was to work my ass off and pay the mortgage off early (five years instead of twenty). Hopefully, I’ll never do business with CHASE again. [Previous page](https://boards.straightdope.com/t/stop-mortgage-from-being-sold-to-evil-company/659439.md?page=1)