Several years ago we took out a mortgage on our home from a lender in Ct, which was sold to Beneficial Finance for a few months and subsequently bought by Household Finance. Our mortgage was an amortized one and when was sold/bought was turned into a daily simple interest loan rather than amortized which legally cannot be done and generates additional illegal interest to them. An amortized mortgage has a set amount of interest and principal each month, both being lowered each month whereas they turned it into a 'daily simple interest' which generates huge additional monies for them and held our checks to obtain their illegal additional interest. Our years of complaint fell on dead ears until we started sending copies to the Ct. State Banking Commission.
This still has not been resolved, although they have finally agreed to 'settle' and give us some credit but not what is due. I am sure this is something anyone taking a mortgage that was sold to them is also being charged the same way and just not noticed. The end result is a difference of thousands of dollars in interest they are not entitled to. The terms of an original mortgage CANNOT be changed, although they seem to think it can and now want us to sign papers agreeing to 'change' what never should have been changed.
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