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My Loan Was Just Sold - Is That Good or Bad?

Friday, January 27, 2012   /   by Lynn Horner Baker

My Loan Was Just Sold - Is That Good or Bad?

Cobb County & Marietta – Horner Baker Partners recently received a question from James. “My loan was just sold. I was making payments to CitiFinancial and they sold it to Nationstar. Is that good or bad?” James asked.

Get my Free, Step By Step Loan Modification Guide by clicking here.

Here is the answer. It’s neither good nor bad. In fact, I don’t think your loan was sold. You see, most loans were packaged up and sold to Fannie Mae, Freddie Mac, or Wall Street.

James’s loan was more than likely packaged up and sold off. I asked him who his original lender was. He said it was a company called First Magnus. (First Magnus declared bankruptcy in 2007 and was afterwards closed.)

Horner Baker Partners has negotiated short sales on loans that were originally with First Magnus. The last one was sold to a large Wall Street Firm and securitized.

That means James’s loan could be owned by anyone. More than likely it is owned by Fannie Mae or Freddie Mac. If not, then it was probably sold to a Wall Street Firm.

The owner of the loan hired CitiFinancial to act as their front man. That means Citi collected the payments, handled escrows and accounting, and manages debt collections and foreclosures.

More than likely Nationstar did not buy the loan. Instead whoever owns the loan hired them to act as the front man instead of Citi.

Thinking about a Loan Modification?

Our Cobb County & Marietta loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at Lynn@HornerBakerPartners.com to request a Free Copy.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 770 579-4060

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thanks for reading this, lynn Horner Baker.

Lynn is a Real Estate Agent and owner of Horner Baker Partners. Cobb County & Marietta Realtor:

Phone: 770 579-4060. Lynn@HornerBakerPartners.com.

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