Is This Legal?
a friend of mine has been making payments on a trailer for about 7 yrs. the lender has sold or transfered title 3 or 4 times to different companys in this time frame, now back with original lender. is this legal? if not , who do u report this to?
i think you are referring to the mortgage being assigned...your friends mortgage note allowed the lender to do this. they just have to give notice according To RESPA.
This is not only legal, but quite common with a lot of Mortgage Companies. My mortgage has been sold 3 times in as many years since I took out my loan. I guess the old saying, "What goes around comes around"!
Thank-you very much.
To sum it up succinctly, "it ain't none of the borrower's business who owns the note!"
All the borrower has right to know is where to send his payments.