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I never wanted to do business with WF in the first place, but I bought a house a few years ago and the mortgage company sold my mortgage to WF. Being forced to

I never wanted to do business with WF in the first place, but I bought a house a few years ago and the mortgage company sold my mortgage to WF. Being forced to be someone's customer against your will sucks.

mericsson 10y ago
Perhaps you can refinance? Lots of banks offer no-fee refinances. I used Cash Call (not that they have an amazing reputation) but they did a good job with my refi.
- URSpider94 10y ago
  ... and then it's very likely that you will end up back with Wells Fargo, since they are one of the few banks that service mortgages. Most finance companies sell your loan shortly after originating it.
  - Johnny555 10y ago
    Yep, happened to me -- had a mortgage with WF, refinanced through a broker and had a mortgage at another bank, then 6 weeks later, got a notice saying that WF bought my mortgage, so I was back with WF.
  - mahyarm 10y ago
    Citibank tends to keep the mortgage servicing to themselves. They might sell it to fannie mae or similar but you still deal with them as far as payments go.
ScottBurson 10y ago
Try a credit union. I would think it unlikely that they would sell your mortgage.
- cardiffspaceman 10y ago
  Well it may be unlikely but it did happen to me, and presumably "several" other members of my credit union
agjacobson 10y ago
Why should you care who services your mortgage? The only thing on your mind should be proper treatment of any payments you make exceeding your standard payment. You need to be sure that extra amounts are credited to principal.
- jackmott 10y ago
  Because you are funding evil? Why would you not care? Why is half of the world sociopaths?
  - skrebbel 10y ago
    No, but half of HN might be.
  - mendelsd 10y ago
    > Why is half of the world sociopaths? That's probably a rhetorical question, but I'll bite. Game theory applied to evolutionary biology provides a compelling qualitative answer to this question. You can read about it in Richard Dawkins' "Selfish Gene". Basically, if social interaction is regarded as an Iterated Prisoner's Dilemma, with options to cooperate or defect at each turn, one might say that a society cannot prosper if everyone always defects, but also that a society made up exclusively of cooperators provides an advantage to genetic mutations that give rise to defector behavior. Societies will therefore tend to have a some degree of cooperation with some freeloading from defectors, and the balance will fluctuate.
    - shshhdhs 10y ago
      There'a so much speculation in that entire paragraph, I don't think that OP would accept this.
ohyes 10y ago
That really does suck, is there anything you can do to prevent this sort of thing? Mortgage through a credit union or something?
matt4077 10y ago
I wonder if you could easily force them to prove ownership of the mortgage. At least until 2008, these transactions were apparently so common and disorganized that in the mortgage meltdown many lenders had trouble finding the paperwork. (though I have no idea how one would go about that and it's probably too risky)

mericsson 10y ago

Perhaps you can refinance? Lots of banks offer no-fee refinances. I used Cash Call (not that they have an amazing reputation) but they did a good job with my refi.

URSpider94 10y ago
... and then it's very likely that you will end up back with Wells Fargo, since they are one of the few banks that service mortgages. Most finance companies sell your loan shortly after originating it.
- Johnny555 10y ago
  Yep, happened to me -- had a mortgage with WF, refinanced through a broker and had a mortgage at another bank, then 6 weeks later, got a notice saying that WF bought my mortgage, so I was back with WF.
- mahyarm 10y ago
  Citibank tends to keep the mortgage servicing to themselves. They might sell it to fannie mae or similar but you still deal with them as far as payments go.

ScottBurson 10y ago

Try a credit union. I would think it unlikely that they would sell your mortgage.

cardiffspaceman 10y ago
Well it may be unlikely but it did happen to me, and presumably "several" other members of my credit union

agjacobson 10y ago

Why should you care who services your mortgage? The only thing on your mind should be proper treatment of any payments you make exceeding your standard payment. You need to be sure that extra amounts are credited to principal.

jackmott 10y ago
Because you are funding evil? Why would you not care? Why is half of the world sociopaths?
- skrebbel 10y ago
  No, but half of HN might be.
- mendelsd 10y ago
  > Why is half of the world sociopaths? That's probably a rhetorical question, but I'll bite. Game theory applied to evolutionary biology provides a compelling qualitative answer to this question. You can read about it in Richard Dawkins' "Selfish Gene". Basically, if social interaction is regarded as an Iterated Prisoner's Dilemma, with options to cooperate or defect at each turn, one might say that a society cannot prosper if everyone always defects, but also that a society made up exclusively of cooperators provides an advantage to genetic mutations that give rise to defector behavior. Societies will therefore tend to have a some degree of cooperation with some freeloading from defectors, and the balance will fluctuate.
  - shshhdhs 10y ago
    There'a so much speculation in that entire paragraph, I don't think that OP would accept this.

ohyes 10y ago

That really does suck, is there anything you can do to prevent this sort of thing? Mortgage through a credit union or something?

matt4077 10y ago

I wonder if you could easily force them to prove ownership of the mortgage. At least until 2008, these transactions were apparently so common and disorganized that in the mortgage meltdown many lenders had trouble finding the paperwork. (though I have no idea how one would go about that and it's probably too risky)