got a letter from my mortgage company that explained that my loan was sold.
In 2004 I mortgaged a triplewide property to bring out some cash. Borrowed 130K against a 300k+ property @ 8%. The loan had stiff PPP and over 12% closing costs, but I needed the money to acquire another, larger, property that i just HAD to have LOL.
The CIT Group was the original lender and they sold the Note to 21st Mortgage Corporation. My payment (1004) will stay the same, I just pay on a different website.
The reason I post today is this is the third huge mobile lender that has sold it’s manufactured portfolio in the past month or two. CITI sold to Vandy, Origen sold to Greentree, CIT sold to 21st Mortgage…all in a couple of months time.
Wazzup with this ? Consolidation makes sense from a cost perspective, but my fear is there will soon be only a very few lenders for mobiles. In the past Chase, Bombardier, and dozens of others got out of the mobile business. I wonder what this will do to availability of funds for used mobile loans? Can’t help? Any finance type folks care to comment?