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Need some advice/help against a predatory mortgage company

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  • Need some advice/help against a predatory mortgage company

    Not sure what to do here. Our mortgage got sold to yet another company (this is the fourth). This new company has informed us that they will be selling our information whenever they feel like it. That includes our names, addresses, phone numbers and anything else they feel like via letter.

    How do I stop these assholes other than take them to court? We didn't sign up for them. Aren't there laws against this thing when we didn't sign any paperwork agreeing to it?

  • #2
    That sounds deeply dodgy from a data protection point of view. Have you got a version on the Citizen's Advice Bureau, which can let you know (for free) whether you need to contact a lawyer?
    "It is traditional when asking for help or advice to listen to the answers you receive" - RealUnimportant

    Rev that Engine Louder, I Can't Hear How Small Your Dick Is - Jay 2K Winger

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    • #3
      Is refinancing with another entity an option? Like say, a credit union?
      I'm trying to see things from your point of view, but I can't get my head that far up my keister!

      Who is John Galt?
      -Ayn Rand, Atlas Shrugged

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      • #4
        Moirae, assuming you're in the US, you should be able to opt out of at least some of this sharing of information. (Small disclaimer: My bank doesn't share information like this, so we don't have to offer customers an opt-out, so my recollection of how it works when banks do share information is sketchy.) When you receive the privacy notice from your mortgage company, if they're sharing/selling your information, they should be providing you with an opt-out form which you can sign off to stop them sharing your information. They will still be able to share information for purposes of servicing your loan. They will also be able to share information with affiliates (if I recall correctly). But you should be able to opt out of any other sharing. If you didn't receive an opt-out form, I would contact them.

        Unfortunately, taking them to court isn't likely to help. The privacy regulations are pretty cut-and-dried on this. More information is available from the FDIC here.
        "I look at the stars. It's a clear night and the Milky Way seems so near. That's where I'll be going soon. "We are all star stuff." I suddenly remember Delenn's line from Joe's script. Not a bad prospect. I am not afraid. In the meantime, let me close my eyes and sense the beauty around me. And take that breath under the dark sky full of stars. Breathe in. Breathe out. That's all."
        -Mira Furlan

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        • #5
          Also assuming you are in the US, write letters to all of your congressmen, state and national. State in the letter that you are petitioning them to investigate what your mortgage company is doing. You can also send the letter to state and national regulatory agencies, such as the FTC.
          "I don't have to be petty. The Universe does that for me."

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          • #6
            Know you rights.

            https://www.fdic.gov/consumers/privacy/yourrights/
            Life is too short to not eat popcorn.
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            Toys for Tots at Rooster's Cafe

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            • #7
              Thank you so much.

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