The Upfront Mortgage Broker

Another Mortgage/Bank Closes, Who Do I Pay My Mortgage To Now?

Washington Mutual’s closing and the onslaught of telephone calls I received from people who were represented by banks and other mortgage companies that are no longer in business gave me the idea to write this post. Below are just a few of the questions I have been receiving lately. Is one of them yours?

What happens when your mortgage lender or bank is seized or goes under?
Who do I write my check to?
Is my mortgage consultant still there?
If not, who do I call for assistance with my mortgage questions?

The mortgage/real estate industry is losing people by the thousands. When a mortgage company goes under or a loan officer leaves the industry, that homeowner has been abandoned. A common term we use is orphaned. Homeowners typically do not find out they have been orphaned until they call their loan officer and find out they’re gone.

If you’ve been orphaned then you are no longer being managed, watched and most importantly monitored for refinancing possibilities. You are at a massive disadvantage as compared to homeowners that have proper counsel. For example:
When rates fell, did anyone call you?
When mortgage guidelines changed that could have allowed you to get a better term, did anyone call with a new plan?

Here are some examples of why you should be in contact with your mortgage consultant. There were three dips in September alone and most likely there will be others in the future, will you miss the boat?

My Mortgage Has Been Orphaned

My suggestion is for you to take the time to find an upfront mortgage broker that will take “ownership” of your mortgage. Someone who will look out for your best interest. If you are in the state of Florida, I’d be happy to adopt you and your mortgage.

Listen, interest rates and mortgage guidelines change nearly every day. A homeowner whose mortgage is being actively watched will be able to take advantage of the dips in rates.

By comparison, owners of orphaned mortgages don’t get anything except another monthly payment of the same amount.

If you have any questions about this post or need to talk about a specific situation, I encourage you to contact me today.

Respectfully, Joe Bartolotta
The Florida Upfront Mortgage Broker
No Charge Mortgage Consultations
Residential, Commercial & Reverse Mortgages
Direct 407.340.0220
Joe (at) the upfront mortgage broker (dot) com