Your mortgage has been sold... not. That is going to involve people who own a home, and people who are right about to own a home need to know this as well.
Chances are when you have a mortgage and owned your home for... it could be anywhere between two months and 20 years; your mortgage is most likely going to get sold. So your mortgage is going to change hands - a lender is going to sell the mortgage note to another lender. Now, you'll get the letter in the mail saying, "Hey, your mortgage has been sold to us, please send us your payments."
After about three months of doing that you will get a letter from your so-called previous lender saying you're three months late on your mortgage payment and you have been scammed. So what happens is when your loan is sold you get a letter from your previous lender saying "Goodbye. We are selling your loan to this lender." And then the new lender will send you a letter saying, "Welcome, you're our new borrower, and please send us your payments." Now if you don't get a goodbye letter and a welcome letter, then chances are that that letter you got from the scam lender is going to cost you big. So you want to make sure that you have a welcome letter and a goodbye. And then at the same time you might also want to call your previous lender and make sure that loan is still there. So that's a mortgage scheme that's pretty prevalent right now and you need to keep your eyes on that.
Watch our entire short class on real estate scams to look out for...