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I just got a letter in the mail today from Chase saying my house loan would be transferred to Carrington Mortgage LLC. I can’t find any information on the net as to why this is happening. Is this happening to anyone else? Anyone know why? Or is it some kind of scam to get my money?

11 Thoughts on Why did JP Morgan Chase switch me to Carrington Mortgage Services on my house loan?
  1. Reply
    February 11, 2014 at 9:44 am

    Banks sell their loans to other companies. The new mortgage company will be contacting you about where to send future payments; until you get that info, stick with the schedule of payments Chase had set up.

  2. Reply
    February 11, 2014 at 9:45 am

    It is not necessarily anything to worry about.
    Your mortgage is a business asset of JP Morgan Chase. If they sell it to someone else, they get a load a money for it much quicker than they would waiting for you to repay it over the years
    After that, your payments just go to the new mortgagor, Carrington.

  3. Reply
    February 11, 2014 at 10:37 am

    Banks routinely transfer mortgages. A mortgage to a bank is a transferrable investment. For example, you may be paying the bank 4% interest on the terms of your mortgage, the bank may be able to get 6% elsewhere, so they sell your mortgage for cash and loan out the cash at a higher interest rate.

  4. Reply
    Ryan M
    February 11, 2014 at 11:10 am

    They sold your loan. Happens all the time.

  5. Reply
    Pascal the Gambler
    February 11, 2014 at 12:05 pm

    They sold your loan. Happens all the time.

  6. Reply
    February 11, 2014 at 12:42 pm

    No, this is not a scam. Your loan terms will remain exactly the same. You were not switched, your debt was actually sold to another company. This is common practice and eventually happens to almost all loans.

    Thank your lucky stars you were not sold to Ocwen.

  7. Reply
    Equality 7-2521
    February 11, 2014 at 12:52 pm

    This happens all the time. Your loan has value called “servicing rights”, and this can be sold from lender to lender on the secondary market.

    This has zero impact on you except that you will change where you send your monthly payment. All the other terms of your loan remain totally intact. It has no impact on your credit rating, and is no reflection on you or your loan history. Your loan is just a commodity that can be sold and resold.

    The law requires that any payment you send to the old servicer (Chase) in the first two months after your loan is transferred to the new servicer (Carrington) is considered “on time” with no late fees even though it may take Chase a short time to get the funds to Carrington. But after that, your payment must go to the new company or you will be considered “late” and charged late fees.

    However, there have been scams of this nature in the past. All you need to is call the toll-free number on your statement, and talk to Chase’s customer service rep to confirm that your loan in fact is being sold to Carrington. Just a couple of minutes of your time for peace of mind.

  8. Reply
    February 11, 2014 at 12:54 pm

    I as well got a letter from Chase selling my loan to Carrington Mortgage Services in California. I have done a BBB check and there are many complaints made against them and I can understand why. I was under a home modification with Chase when my loan was sold, however a representative of Carrington told me that it was up to them if they wanted to pursue that or not. I am still waiting on papers from Carrington and I have tried to make a payment which I CAN’T because they will only accept the full amount due, this is CRAZY and they are CROOKS just google them!

  9. Reply
    February 11, 2014 at 1:34 pm

    I am having the same problem. Chase sold my loan to Carrington and I am having nothing but problems. I was current with Chase now I am having to pull up all my bank records to show that I am not behind. I am not happy.

  10. Reply
    February 11, 2014 at 1:57 pm

    Chase sold my load to Carrington also. I didn’t receive a letter stating my loan was sold I made my Nov and Dec mortgage payments to Chase as normal they returned them 3Jan14. I called to find out why they were returned that was when I was told about the loan selling. I contacted Carrington and was told I was 5 payments behind. I have to get all my past payment history as well as a letter from my bank stating my 2 payments were rejected by chase and returned to my bank account. This is a night mare they are telling me it has been reported to credit bureaus and now I owe late fees. I also was told on the phone they see where the balance of my house is much less than what is owed and if I was unable to get the payments caught up it would be foreclosed on and sold for market value and all moneys over the balance would apply to legal fees. When I got off the phone I literally felt they were trying to steal my house.

  11. Reply
    Renee Martin
    November 10, 2015 at 4:51 pm

    there is something fishy going on when my bill payor sent my payment to carrington the back of the check is stamped JP Morgan why are they still using JP Morgan stamps if JP Morgan sold their loans my loan was sold from Bank of America to carrington and this has been the biggest nightmare of our lives the are not an honest company add two months to your escrow so they say they can have a cushion then they sit on that money and draw interest on it. They can not seem to get our escrow right and have sent a late payment to my husbands credit which I am trying to have removed we were not late and I showed them the proof but all I get is the run around terrible terrible customer service. Never heard of a company that is so big that cant take electronic payments but oh yeah they do that so they can charge all of their late fees phone fees and make their website very difficult. they will never hear the last of me until I ger some satisfaction.

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