Mortgage Servicing: Making Sure Your Payments Count

When you get a mortgage, you may think that the lender will hold and service your loan until you pay it off or sell your home. That’s often not the case. In today’s market, loans and the rights to service them often are bought and sold. In many cases, the company that you send your payment to is not the company that owns your loan. A home is one of the most expensive purchases you’ll make, so it’s important to know who is handling your payments and that your mortgage account is properly managed. The Federal Trade Commission (FTC), the nation’s consumer protection agency, wants you to know what a mortgage servicer does and what your rights are...

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