Lenders that make mortgage loans often assign their rights to collect the mortgage payments to a third party. Following the assignment, the home-buyer is notified that future payments must be made to the third party (Anyone have personal experience of this? You are making monthly car payments but get a letter in the mail stating a firm has "bought" your contract and to make payments to them? Post to the discussion board if so).

I donthave direct experience with this type of situation but helping out my aunt whobought a house back in 2005 perhaps went through 5 or more different financial institutions. I believe everything stays the same except you always have to update auto pay account routing info etc...It is kinda annoying. One thing I like to note that; during initial phase of covid19, financial institutions were holding mortgagepayments up to 3 months without any penalty or interest except you would continue from where you left of but some firms only hold payments up to 3 months and you have to pay them at the end of 3 months in lump sum instead of picking up where you left of, so that was kinda of a bummer.what do you think of my experience in a business law perspective?