Illinois Notice of Assignment, Sale, or Transfer of Servicing Rights, Mortgage Loans
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How to fill out Notice Of Assignment, Sale, Or Transfer Of Servicing Rights, Mortgage Loans?
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FAQ
Under the Real Estate Settlement Procedures Act (RESPA), if your lender transfers your loan to a new servicer, your current servicer and the new servicer have to send you a letter. These letters are usually called "goodbye" and "hello" letters in the mortgage business.
Federal law protects borrowers when loans are bought and sold by requiring that both the old and new lenders notify you in writing within 15 days of a sale that a transfer has taken place. The letters should provide the name of the new lender, how and where payments can be made, and when your next payment is due.
The servicing of your mortgage loan is being transferred, effective [Date]. This means that after this date, a new servicer will be collecting your mortgage loan payments from you. Nothing else about your mortgage loan will change. [Name of present servicer] is now collecting your payments.
Know your rights under the law You have a 60-day grace period after a transfer to a new servicer.
The transferee servicer shall provide the notice of transfer to the borrower not more than 15 days after the effective date of the transfer.
Notice of Transfer of Mortgage Loan Ownership If the holder of your mortgage loan sells the debt to a different entity, federal law requires the new owner or assignee to notify you about the change of ownership no later than 30 days after the sale, transfer, or assignment.
The transferor and transferee servicers may provide a single notice, in which case the notice shall be provided not less than 15 days before the effective date of the transfer of the servicing of the mortgage loan.
The only thing that changes with the transfer of servicing rights for your mortgage is who you make your payment to. You'll receive communication from your current servicer with additional information, including contact information for your new servicer.