What happens if my mortgage is sold? Is my loan safe?

If your loan is sold, then the new owner of your loan is required to notify you within 30 days of the effective date of transfer. The notice will include the date of transfer, name, address, and telephone number of the new owner (and, if different, the person who can resolve issues concerning your loan payments).

It is common for loan holders to sell loans to another financial institution. It’s called the secondary market and frees up money for lenders to give mortgages to new borrowers.

Just because your loan is sold does not mean that your servicer will change. If the servicing rights to your loan are sold, you will receive a notice about it. They cannot change the terms of your agreement, but it’s important to follow the new loan payment instructions in that notice, so that you do not miss any payments or send payments to the wrong address.

Learn more about what to do if the company that services your mortgage changes.

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