Transferd loan

Leftinthecold

LoanSafe Member
Mar 30, 2020
1
0
1
Chase transferd my loan as of 4/1/20 to SPS.but I paid Chase on 3/10/20 for my April mortg pymt. I was notified of the transfer on3/13/20 I had no idea I would have my loan transferred after 20 yrs. With Chase .No one will answer my calls the app will not work with this phone and SPS said I have to pay them Aprils mortg. Pymt in the transfer to them there is no mention of my paying. When I call Chase's automated line it says my next payment is 5/1/20 I have bank statements.i just need Chase to update SPS .how do you contact them if you do not have the internet and no one will answer the phone.i have paid on the automated line for 6yrs. I am computer illiterate.
 

OneHugeMess

LoanSafe Member
May 30, 2016
561
48
28
Don't you worry about a thing. You have nothing to do, but wait.

Did you get a letter from Chase? The industry term is a "Hello, Goodbye Letter" explaining that the loan is being transferred to the new servicer.

Here's the important part. In that letter, it should explain that for sixty-days after a servicing transfer, the new servicing company is not allowed to collect or charge late fees on the account, and... the prior servicing company is supposed to remit any funds (payments) they've collected to the new company. Since it's 04/01 now... I imagine this will be happening very shortly.

So... you are protected under Federal Law. You should also be aware - that they can't report any late payments for the next two months at SPS, or Chase. In addition, your loan probably also has a "grace period" of 15 days, meaning, it will not even be officially late until the 16th.

I would just hang in there, and give it a week. If the problem doesn't fix itself, I would give Chase another call. Be sure to save all letters and documents you get from the mortgage companies, especially the letter I mentioned.
 

Jeffrey L. Shurtliff

LoanSafe Member
Dec 4, 2010
3,823
139
63
Chase transferd my loan as of 4/1/20 to SPS.but I paid Chase on 3/10/20 for my April mortg pymt. I was notified of the transfer on3/13/20 I had no idea I would have my loan transferred after 20 yrs. With Chase .No one will answer my calls the app will not work with this phone and SPS said I have to pay them Aprils mortg. Pymt in the transfer to them there is no mention of my paying. When I call Chase's automated line it says my next payment is 5/1/20 I have bank statements.i just need Chase to update SPS .how do you contact them if you do not have the internet and no one will answer the phone.i have paid on the automated line for 6yrs. I am computer illiterate.
Most likely it will update automatically with SPS. Takes awhile.