We Hate Our Mortgage Servicer and Want to Refinance NOW!

I don't know why, but I've had several clients over the past few months that have had bad experiences with the mortgage companies that are servicing their existing home loans. So, these borrowers contact me, wanting to refinance and get away from the headache. They then tell me to obviously not refinance it with the original lender or existing lender. But, many borrowers fail to realize that when you go to escrow to sign your paperwork for a new home loan, the original lender will almost always reserve the right to sell your loan to another lender to service the debt.

What I'm finding is that many of these borrowers have great terms on their mortgage, but they are getting fed up with poor communication on the mortgage servicer's side.

What does a client do when they have a great loan with great terms and make numerous attempts to pay their mortgage on time, only for the mortgage servicer to send 30 day lates to the credit reporting agencies?

We had a lender on one of our homes that criticized us for wanting to receive hard statements in the mail, claiming that they can be found online! Ummm, not everyone has a computer! I do, but what if I prefer to have hard statements for my records?

So with that, they have chosen to refinance their home, even though the mortgage might be slightly higher every month...Simply for a peace of mind of not having to deal with that company anymore.

If you are in such a situation right now in California...Give me a call...We'll find you a company that will treat you better!

Afterall, life it too short for such things...

Scott Gormley
Broker/Owner
Oak Valley Mortgage
2006 Chico Assoc. of Realtors Affiliate Chairman
Direct: 530.592.8362
Fax: 530.267.5555
Website: http://www.CALoan.com

Blog: http://www.CARealEstateBlog.com

"You find the perfect home, we'll find the perfect loan!"