If you have a second mortgage and the account is sold to another company,is the new company required to notify you that they now are handlingthe account?

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If you have a second mortgage and the account is sold to another company,is the new company required to notify you that they now are handlingthe account?

Asked on August 7, 2011 Georgia

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Requirements under all state laws are that if a trust deed or mortgage is purchased, the new owner of the trsut deed or mortgage is required to record a notice of assignment of the trust deed acquired upon your property and serve you with a copy of the recorded notice of assignment so you know to whom to make your payments to in the future.

Custom and practice is that before the sale-purchase is made, you are given notice by the entity or person (currently holding the trust deed or mortgage to be sold) that there will be an assignment in the near future with the name, address and telephone number of the new owner.

 


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