What happens to your loan after it closes?
It is typically sold by the lender.
Two sales take place:
• The lender will sell the Note, which is the document you sign at closing promising to pay the loan over time; the servicing rights to the loan will be sold.
• The servicing rights are the rights to receive the payments on the loan; the servicer is to whom you make the payments.
*The buyer of the Note may not be the same as the buyer of the servicing rights. If you are trying to modify a loan, or ask for a reduction in the principal of the loan, the servicer of the loan may not be authorized to make that decision.
The owner of the Note is authorized to make that decision. It could take some time to find the owner of the Note as the Note can be sold multiple times.
If you are short selling a home (i.e. selling the home for less than the remaining principal balance of the loan) it could take some time to find out who owns the Note and is authorized to accept payment for less than the principal balance.
We welcome you to contact our team, any one of us would be happy to provide greater details about the loan process.
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