3 ms·
It's not unilateral. The contract you sign has a clause that gives them permission to sell the loan.
by jonas21 3y ago
It's not unilateral. The contract you sign has a clause that gives them permission to sell the loan.
- JohnFen 3y agoIt is unilateral. That you agreed to give them the right to make such a unilateral change doesn't make it no longer unilateral. I think it's an unconscionable clause.
- gnicholas 3y agoWhy would it be unconscionable? I don’t understand why people would care if their loan is sold. My student loans have been sold a couple times and I didn’t mind. What’s the downside for the borrower?
- toast0 3y agoWho owns the loan doesn't make a lot of difference, really, compared to who services the loan. But even still, you may not want to do business with some company for any number of reasons: maybe they treated you or someone you know poorly in the past; maybe you don't like how they do business; etc. The loan servicer is more important --- some of them are terrible at their job and tend to misapply payments etc, causing extra work for the borrower.