New Mortgage Co. Fees

[asylum23]

What is the name of your state? NV

We have 2 loans on for our mortgage. On the 2nd smaller one it was sold soon after we closed, from Americorp to Countrywide Home Loans. We of course did not agree to this, they just sold it. Now Countrywide is adding on extra fees such as a $75 annual maintenance fee. My question is simply are they allowed to do this? If so, where would it stop since they can add on any fee they want. We did not pick this company so I just wondered if they are able to do this. Thanks!What is the name of your state?

 

[pojo2]

It is perfectly legitimate to sell the loan. I do not THINK they can change the terms though.

 

[asylum23]

Yes, my first loan has been sold about 7 times in just over a year, which is ridiculous. But no one ever tried to charge us any extra fees at any of the places.

 

[Just Blue]

What is the name of your state? NV

We have 2 loans on for our mortgage. On the 2nd smaller one it was sold soon after we closed, from Americorp to Countrywide Home Loans. We of course did not agree to this, they just sold it. Now Countrywide is adding on extra fees such as a $75 annual maintenance fee. My question is simply are they allowed to do this? If so, where would it stop since they can add on any fee they want. We did not pick this company so I just wondered if they are able to do this. Thanks!What is the name of your state?

They can sell the mtg till the cows come home....but they HAVE to follow the terms of the original note....If they are trying to cange those terms call the Banking Commission for your state...