My original lender sold my second mortgage to another lender. How do I find out how much the acquiring bank paid for the loan? I'm assuming since I'm upside down on the property they did not pay face value. by never2much2007 from Santa Paula, California. Feb 9th 2011
You loan was sold based on quality...meaning performing or not performing..(that are making your payment or not). That generally determines what the note was sold for and typically are sold in a pool or bulk...your terms remain the same and what they paid for it has no bearing on you. Obviously everything is done for profit...so they will pay less than face value and the difference is the profit. Hope this helps...
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