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NBR: Phone calls from mortgage holder

write2nicolewrite2nicole member
in Babies: 6 - 9 Months

Apparently our mortgage holder has been calling monthly. (The mortgage transferred for the second time to a new holder a few months ago.) They first ask if we have paid yet (yes), then proceed to ask about HOA fees and contact info for the HOA. DH took the calls, and just complained to me about it, so it's the first I've heard of it. I told him it's none of their business and he should tell them that. Really, I don't think they have any reason to call at all until our payment is late.

Has this come up for anyone else? Does it seem bizarre and creepy to you?

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Re: NBR: Phone calls from mortgage holder

  • emilydholmes1emilydholmes1 member
    Who is the new company? Are they reputable? Our original mortage was sold to a different lender like a month after we purchased our house but they handled everything for us with the old bank. We didn't have to give them any additional information so the calling thing is weird to me.
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  • scoutkatescoutkate member
    Is your home a condo by chance?  Mortgagees are really squeamish about condos and typically ask for lots of info about the HOA.  That's usually done at the time of application, though--I don't know why they'd be bugging you for info on an existing loan.
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  • write2nicolewrite2nicole member

    It's LBPS. DH has owned the condo for 8 years now, I think. The last time it transferred (to MetLife), there was no issue like this. He's never had a late payment, either.

    DH thinks it's because of market conditions and the high rate of defaults -- he thinks they're getting aggressive with trying to avoid foreclosure. But I don't see what all the HOA stuff has to do with it. And it's not like they're asking about any other expenses.

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  • chach916chach916
    imagewrite2nicole:

    It's LBPS. DH has owned the condo for 8 years now, I think. The last time it transferred (to MetLife), there was no issue like this. He's never had a late payment, either.

    DH thinks it's because of market conditions and the high rate of defaults -- he thinks they're getting aggressive with trying to avoid foreclosure. But I don't see what all the HOA stuff has to do with it. And it's not like they're asking about any other expenses.

    HOA dues, if not paid, can become a lien on the property.  Similar to taxes.  Some lenders want HOA dues to be included in payment thru the escrow account.

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  • scoutkatescoutkate member
    imagewrite2nicole:

    It's LBPS. DH has owned the condo for 8 years now, I think. The last time it transferred (to MetLife), there was no issue like this. He's never had a late payment, either.

    DH thinks it's because of market conditions and the high rate of defaults -- he thinks they're getting aggressive with trying to avoid foreclosure. But I don't see what all the HOA stuff has to do with it. And it's not like they're asking about any other expenses.

    They probably want to make sure that the HOA's budget and reserves are sound and that there are no common areas that are unfinished.  Those factors can affect marketability of a property, and they will be concerned with that in the event of foreclosure.  I'm sure they're hounding all of their borrowers who are condo owners, not just y'all! 

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  • write2nicolewrite2nicole member
    imagescoutkate:
    imagewrite2nicole:

    It's LBPS. DH has owned the condo for 8 years now, I think. The last time it transferred (to MetLife), there was no issue like this. He's never had a late payment, either.

    DH thinks it's because of market conditions and the high rate of defaults -- he thinks they're getting aggressive with trying to avoid foreclosure. But I don't see what all the HOA stuff has to do with it. And it's not like they're asking about any other expenses.

    They probably want to make sure that the HOA's budget and reserves are sound and that there are no common areas that are unfinished.  Those factors can affect marketability of a property, and they will be concerned with that in the event of foreclosure.  I'm sure they're hounding all of their borrowers who are condo owners, not just y'all! 

    Hahahaha! We've had our condo on the market for over 18 months now. I can assure you it is virtually unmarketable (though we've had 3 showings a week for the last couple months -- some interest, but no actual offers). 

    Seriously, I guess I understand your point. It's just weird because it's been under the same owner for 8 years with no late payments and they are asking the same questions repeatedly. 

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