Issue with new mortgage servicer

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Issue with new mortgage servicer

Alex Silang
Real Estate Professional · Las Vegas, NV · Member since 2013 · 225 posts · 74 votes

So I got a letter in the mail from my old mortgage servicer that they are no longer doing my mortgage. It's changing to a new one Aug 1.

It's already Aug 5. The ACH withdrawal didn't go through. I gave the new servicer a call and they can't find the mortgage. The customer service rep said to wait til Monday.

Unfortunately this is a commercial mortgage so I don't get a 60 day grace period.

Has this happend to anyone before? Any advice?

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Chris SeveneyBusiness Member
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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
2mo
This happens all the time and they cannot charge you late fees during this time if they did not take the money You should have received two letters - one from your old servicer noting who the new one is and one from the new with your account info I would call the old and say you didn’t get new servicer info and also let them know when you called the loan has yet to be transferred so can you get an update
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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    2mo
    This happens all the time and they cannot charge you late fees during this time if they did not take the money You should have received two letters - one from your old servicer noting who the new one is and one from the new with your account info I would call the old and say you didn’t get new servicer info and also let them know when you called the loan has yet to be transferred so can you get an update
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  • Erin Bishop
    Member since 2026 · 4 posts · 0 votes
    2mo

    I agree that your first step is to call the previous servicer. You should have received both a “good-bye” letter from previous servicer and a “welcome” letter from new servicer. I focus on residential lending but credit and late payments are a concern regardless. Don’t ignore this. Get authorities involved if necessary. I am sorry this is happening.

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  • Robin SimonBusiness Member
    Lender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
    1mo
    Quote from @Alex Silang:

    So I got a letter in the mail from my old mortgage servicer that they are no longer doing my mortgage. It's changing to a new one Aug 1.

    It's already Aug 5. The ACH withdrawal didn't go through. I gave the new servicer a call and they can't find the mortgage. The customer service rep said to wait til Monday.

    Unfortunately this is a commercial mortgage so I don't get a 60 day grace period.

    Has this happend to anyone before? Any advice?


     My advice would be to continue to push on your original lender to look into it on your behalf, because they are likely liable or have some negative consequences if things go wrong here.

    Unfortunately this is a common NIGHTMARE in the industry and is continuing to get worse with servicer incompetence plus the fact that you can't trust any call, text or e-mail tehse days.  Push on your original lender

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