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Bought my first house in mid-August and the first payment is due 10/01/2007. The original lender sold two companies, and now they say it is. Both have the same information and say that I have to pay when I called everyone. I do not want to be late and I can not do both. Everyone was moved, what should I do?

5 Thoughts on Who do I pay my mortgage, as GMAC and Wells Fargo say they bought my loan. First payment date 10.01.2007?
  1. Reply
    mister_galager
    May 16, 2011 at 4:00 am

    Contact the original lender and see if they can find out who the mortgage was actually transfered to.

  2. Reply
    mcmufin
    May 16, 2011 at 4:41 am

    I’m a real estate attorney and I’ve racked my brain over this trying to find any answer other than the one below. The problem is the Mortgage Electronic Registration System (“MERS”). MERS is to whom your first lender sold the loan. MERS is the technical owner of the loan, but MERS assigned the loan it its computer system to either GMAC or Wells Fargo, and then the loan was assigned to the other lender.It is simply a matter of time before the situation corrects itself, but you are responsible for the payments in the mean time. You are in a “no win” situation.

    The only way I can think of to avoid a foreclosure is to file an “interpleader” and “declaratory judgment” lawsuit against both GMAC and Wells Fargo. An interpleader action is where you tell the court “I owe this money, but I do not know who to pay.” A declaratory judgment is where you ask the court to determine who you are supposed to pay.

    Many states allow your attorney’s fees and costs to be paid by the defendants (GMAC and Wells Fargo) in an interpleader. Almost all mortgages allow the winner of a suit to collect attorney’s fees and costs. You are almost automatically the “winner” in such a suit.

    See a local attorney at the link below. You only have a little more than two weeks to file such a suit. Even after you file, you will have to deal with both companies’ collections departments. But you will wind up with a judgment entered by the courts that can prove teh government found you were correct in your dispute.

  3. Reply
    jawyche
    May 16, 2011 at 5:19 am

    You need to go to http://www.clarkhoward.com for that answer. This guy has a national radio talk show that answers all questions and then some involving the consumer like yourself and he is very good at what he do. Find out when Clark Howard radio show come on and call him. He is usually on live between 1:00pm and 3:00pm est.

  4. Reply
    khinsd
    May 16, 2011 at 5:24 am

    You should try and make contact with the original lender to find out who they sold the loan to. The lender is supposed to provide you with that documentation. There should be some language in your closing documents stating that the original lender will accept payment from you for a specified period of time when a loan is sold. You may want to consider making a copy of the check (for proof of payment) and send it to the original lender and let them iron out the details with the company they sold the loan to.

  5. Reply
    butter747
    May 16, 2011 at 5:54 am

    YOU NEED TO FIND OUT FIRST WHERE THE PAYMENTS NEEDS TO GO BEFORE PAYING EITHER ONE .HAS ANYONE GOT IN TOUCH WITH YOU ABOUT THE BUY OUT. IF NOT CALL THE COMPANY YOU HAVE GOT YOUR LOAN THRU AND ASK THEM ABOUT IT AND MAKE SURE IT HAS BEEN A BUY OUT. MAKE NOTES AND TELL THEM TO SEND YOU OR FAX YOU A COPY STATING ABOUT WHO THE LOAN HAS TO BE PAID TOO.

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