How can I transfer a mortgage from one bank to another? | maho

How can I transfer a mortgage from one bank to another?

Thursday, December 31st, 2009 @ 1:25 am

I desperately want out of Wells Fargo Bank, as they refuse to work with any of their clients, and are unresponsive to our needs. I want to bring my business to another bank, how do I go about doing this while avoiding huge closing costs. Thank you!


Answer:You can't. You will have to refinance and pay the nasty closing costs.

Have you tried Hopenow.com?

They step in if your lender is not willing to work with you on restructuring your home.

One phone call to wells fargo with them – and problem solved.

This federal agency is set up to help people prevent foreclosure.

You must have a job to qualify for restructuring of your mortgage.

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Answer:Refinance your loan (you can't just transfer a debt without the consent of the mortgagor).

There will be closing costs, but many lenders will allow you to roll the closing costs into the loan.

You will be starting over with your mortgage, so if have a 30 year loan, and a couple of years are elapsed, you begin again with the end date of the new loan 30 years from now.

Just call the bank you want to work with.

Do some research because most banks will resell their loan portfolios to larger banks (like Wells Fargo and Band of America) within a few months.

So ask your potential lender if they hold their mortgage in house or if they resell to the secondary market.


Answer:There is no such thing as a borrower "transferring a mortgage." Imagine what a mess we would have if any borrower could do this at will.

If you despise Wells, you would have to refinance. But even then, there is no guarantee. Wells is a big bank,. You could refinance and have your loan end up at Wells again because mortgages are bought and sold all the time.

That's your creditor and you're kinda stuck with them.

If you are talking about being able to work with them to do a loan modification or if you are behind, then you probably do not qualify to refinance. You didn't specify what you mean.

Good luck.


Answer:You need to go to another bank or mortgage company and see if they will refinance your existing loan.

There will be closing costs no matter who you deal with.

Check out this site for mortgage help…

http://www.greenpath.com/how-we-can-help…

The service is free and they can help you negotiate with your existing mortgage holder.

They have been a great help to a couple of my clients.


Answer:You cannot just "transfer" your debt from one lender to another. If you owed hospital "A" $4,000; you couldn't just say "I'm tired of working with hospital "A", I want hospital "B" to take over my debt. You chose Wells Fargo as your lender, and you'll have to refinance (if you qualify).

Answer:you can't change providers just because you want to. This will take a refinance to change banks and there is no assurances that wells will not get it again in the future. It is part of the servicing disclosures that you will sign on every mortgage

I am a mortgage banker in TN


Answer:Contact a mortgage broker. They can shop it around for you. Some companies will pay out the penalty, and others won't. A mortgage broker can do all the leg work for you or at least find you the best deal, so if you have to pay your own penalty it will be offset by a lower rate or something of value to you.

Answer:You refinance. You need another bank to pay Wells their mortgage.

I am surprised you are having trouble, I think they are great.

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