News for hackers. Stuff that matters.

A comment on Wells Fargo Hit with $1B in Fines. Parent comment

Re:Wells Fargo Hit with $1B in Fines by dd36 on Friday April 20, 2018 @05:25PM (#16888547)
No. There are no loan assumptions in US. Seller’s mortgage holder is irrelevant.
[ Parent | on HN ]
Re:Wells Fargo Hit with $1B in Fines by henrikschroder on Friday April 20, 2018 @05:31PM (#16888589)
Ok. Good. :-)

So why was Klathmon's friend bothered by it?

[ Parent | on HN ]
Re:Wells Fargo Hit with $1B in Fines by tstrimple on Friday April 20, 2018 @06:50PM (#16888949)
Because now his friend is forced to be a customer of Bank of America unless he goes through a refinancing process. Even then, unless he's very careful, he could end up refinancing with a company who turns right back around and sells the mortgage back to Bank of America. The same thing happened to me. I've had two mortgages through other banks who then sold my mortgage to Wells Fargo forcing me to have to deal with them and I had absolutely no say in it.
[ Parent | on HN ]