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Need some advice/help against a predatory mortgage company
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Old 02-21-2019, 05:23 AM
Moirae Moirae is offline
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Default 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?
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Old 02-21-2019, 09:13 AM
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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?
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Old 02-21-2019, 03:25 PM
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Is refinancing with another entity an option? Like say, a credit union?
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Old 02-21-2019, 03:47 PM
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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.
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Old 02-21-2019, 05:43 PM
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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.
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Old 02-22-2019, 03:51 AM
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Know you rights.

https://www.fdic.gov/consumers/privacy/yourrights/
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Old 02-26-2019, 03:49 AM
Moirae Moirae is offline
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Thank you so much.
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