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/biz/ - Business & Finance

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55561894 No.55561894 [Reply] [Original]

Hey /biz/ 30 year old boomer here. So I got a letter in the mail yesterday notifying me that another jew, er I mean bank bought my mortgage from the previous bank. On a scale from 1 to about to be homeless, how concerned should I be about this?
>no it wasn't blackrock (yet)

>> No.55561902

>>55561894
It is a good thing.

>> No.55561920

My mortgage changed hands 8 times between 2003 and 2012. When I lost my job and stopped paying, it took forever for the bank to produce the actual note. I lived there rent-free until 2018. If I had stayed one more year I could have kept the house because of state laws.

>> No.55561944

>>55561894

depends how well known, and well run that new bank is

>> No.55561996

>>55561920
based, there was a news report about a similar kind of situation where a squatter was living in a home for many years because all the paperwork got tied up and lost in bank eating bank after the financial crisis. They couldn't get their shit together and he just lived rent free in the home without paying a dime.

>> No.55562008

>>55561894
They are offloading risk in advance.

>> No.55562543

>>55561920
Oh so like an adverse possession deal.
>too bad I am in California though, no such thing here.
>>55561944
The name is Carrington mortgage service, apparently not very highly rated.