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Warning - When you get a new homeland, don't pay additional principal at first

December 17th, 2009 at 10:23 am

Well, well, well.

When I made my first mortgage payment on the new home loan, I had a free month. So I took the money I would have spent on a mortgage payment and put it against the principal.

The mortgage company apparently has the money, but they sold my loan to another institution, and that institution sold my loan to someone else.

Its December, the first payment was 2 months ago, and I still don't see that my additional has been credited. I have made phone calls to various institutions, and this is turning into a major pain in the nether regions.

If I had been the foolish trusting woman I was before the BIG SPLIT, I would have simply accepted that they had put my money against the loan, but now I keep record of each principal reduction in my blog pages, and it immediately is noticiable that there is a GAP in moola.

So now I'm fighting for it, because if it isn't going against the principal, I want every penny back. Sheesh!!!! Double Sheesh.

4 Responses to “Warning - When you get a new homeland, don't pay additional principal at first”

  1. Caoineag Says:

    You have to watch your escrow too when they sell loans like that. I actually chose my mortgage company because I knew they wouldn't sell my loan immediately and they wouldn't be going under anytime soon (I bought my house during the worst of the credit meltdown). I just didn't feel up to chasing down my mortgage on top of house repairs and paying my other debt off.

  2. miz pat Says:

    I wish I could select a mortgage company I was happy with and have a choice on keeping it. Originally, I shopped for mortgage companies that I felt had good standards. Now I wonder who has my mortgage this week.

    I'm still seeking my moola.

  3. dmontngrey Says:

    Oh yuck! I never thought about this before. Thanks for bringing it to our attention!

  4. miz pat Says:

    Well - according to the first mortgage company, a check will be cut and sent to my latest mortgage company. I gave them my loan number and hope this actually happens!

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