If a mortgage company is sold, does the buyer have to honor all former contracts?

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I am about to start construction on a house and have my constrcution loan thru National City, they will also be the owner of the mortgae when the loan is converted at the end of construction. If NC is sold before the loan gets converted, will the new buyer of NC have to honor the details of the loan agreement I had with NC, or will I be at risk of having to redo the mortgage loan and potentially have to pay a higher interest rate?

2 Comments
  1. Reply
    Quicken Loans
    May 3, 2011 at 2:50 am

    Your loan will transfer as is. Nothing can change if your lender is sold.

  2. Reply
    Lisa L
    May 3, 2011 at 3:35 am

    The only thing that will change is who you make your check out to & where you mail it. They cannot change the terms of the original loan.

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