Please add me to your list. Ugh! I have a Wells Fargo mortgage (they bought it after we closed), so this makes me a little nervous.
Ours, fortunately paid off, went through numerous “buys” during it’s life. The only issue was, the last buyer had a cutoff date that didn’t agree with the due date for payment, so we were always getting reminder notices. We never missed or were late, ever, and the only reward, was when the anchor was paid off.
When we took out the loan in 1980 we made sure it would not put us in the poor house, or give us an excuse to default should unusual circumstances suddenly take place. Down payment makes the above possible, Except when you have desires larger than your bank account.
I would guess you will be just fine!
Don't fall for the hysterical stories out there.
I have had the surprise of my life when Fannie sent us a letter telling us BOA had our loan, which we didn’t know, and now Fannie has it. And Fannie thinks it doesn’t have to file the assignment with our county.
And people would post to me, “Why do you care who has your loan?”
I am not happy. I would have NEVER had a loan with BOA. I hate them ever since the 70s. I would have nothing to do with them. YET, now, they GIVE my loan to Fannie?
I don’t like it either. As a borrower, I want to deal with people I trust. If I don’t like a certain bank, that is MY business.
I think that some here don’t want people questioning this to much. I even had people tell me to refi with WF!!! Or that Fannie is good, I shouldn’t worry.
Well, I am watching and thinking. Like another poster here, I am considering refi with a local credit union. I am waiting for the rates to come down. No more TBTF banks for me.