Legal Question in Banking Law in Nevada

My loan on my home loan was sold to another loan company. My wife and I wrer told the name of our new mortgage company and to send our payments to then. My question is since we signed no papers agreeing to the new mortgage company, is this a leagle loan?

Asked on 1/13/10, 6:45 pm

1 Answer from Attorneys

Randy Creighton Black & Lobello

Yes, the loan is legal. Under almost every mortgage, a mortgage lender is allowed to assign its interest to another lender. Further, the lender is not required to get the borrower's consent. As such, you and your wife are still liable for the mortgage amount.

If you have any questions please contact me at (702) 869-8801 or [email protected]

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Answered on 1/19/10, 4:08 pm

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