What are my rights as a homeownerif my mortgage has been sold?

I am one of the few that actually qualify for the HARP government funded program. However my mortgage company sold my loan to lender that is not allowed to modify loans or write new loans in my state. My only option is to go through another loan company that write loans in here. The problem is that I would not qualify for a new loan because of my income to debt ratio (I got married and now have the debt of 2 and the home is only in my name- in my best interest). What can I do?

Asked on October 28, 2011 under Real Estate Law, Nevada


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Unfortunately, you don't have any rights, other than to have the terms of the original mortgage (e.g. interest rate, duration, monthly payments, etc.) enforced by the new owner of the mortgage. Nothing in any federal or state law, or the common law, prevents a lender from selling its mortgage (or any other loan or debt) to any one it so chooses, even if doing so is not in the interest of the borrower, or precludes the borrower from taking part in some federal program to which he would otherwise be entitled. Mortgages, promissory notes, loans, debts, etc. may all be freely sold, unless and only to the extent that there is something in the mortgage, etc. documents themselves which specificalloy prevents them from being sold or assigned.

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