My mortgage has been sold almost a half dozen times already.
- I still have a mortgage on a property but don't live there so the mortgage bill gets sent to a different address (b/c rental property)
- Company A originated the mortgage and sells it to Company B
- Company B completely ignores the mailing address and starts sending bills to the original property address
- only through blind luck did I realize that the mortgage bill was being unpaid
This seems like basic, basic bookkeeping but I guess it's also a reminder that "reality has more detail than people realize" and that there are plenty of opportunities for improving systems.
Still another: One particular suite address only maps to one person, entity, or family. Counterexample: Any of thousands of commercial mailbox-rental / package-shipping stores in US strip malls, which tend to have suite numbers (within the mall) and possibly hundreds of tenants, all at one suite.
https://moversguide.usps.com/mgo/move-combined-mobile will let you do it online.
It's a pain that you have to do this because of their incompetence. But it will save you the embarrassment.
One of the changes USPS made in recent years is that they are securing mail forwarding. That type of arrangement may not be possible.
(They'd stop fucking this sort of thing up pretty quick if they faced financial consequences for it.)
[1]: First was a decade ago with RMG (a Canadian monoline lender) and the other two with Scotia, the first of which was a fixed mortgage at purchase, and the second was a refinancing.
Some originators will hold on to servicing of your debt wherever it goes (within certain boundaries, e.x. if you go into a delinquency or reconciled delinquency state).
Those originators use it as a selling point, because many people have gotten bit by servicer flips one way or another.
What I mean is parent companies and contracts that might obfuscate who's owed the debt.
However, I don't know anything about debt markets let alone homeownership.
This means that any mortgage transfer would come with a 'sweetener deal'. If you don't object to the transfer you get a small reduction in your monthlies, e.g.
With variable-rate mortgages, banks can insulate themselves from inflation risks, which they themselves create.
As a Canadian, other than the absolutely insane rate of school shootings, this is probably the next-wildest difference I can think of.
Canadian mortgages are held and stay with the bank that approves the mortgage. The only way the mortgage goes to a different lender is if the owner goes to that other bank to renew the mortgage. It just boggles my mind that mortgages can just be assigned willy-nilly without the owner’s consent.
Where have I heard this before.
Sure that could be true, but that has nothing to do with the public debt we're talking about.
Completely different markets.
That's like me saying the condo Market in Miami is hot and you rebutting that single family homes in HOA's in Phoenix are not hot right now.
Both can be true at the same time as they are completely different market that are only very tangentially relate.