Question:
“I just got a notice that my home loan has been sold to some bank I’ve never heard of. Can they do this? And can they change any terms of my loan?”
Answer:
Yes, and no.
Yes, banks have the legal right to sell your mortgage. And no, they cannot change any terms of your loan.
By the way, years ago some clever and very criminal “scamtrepreneurs” (hey, I made up a word!) sent letters to people saying their mortgage has been sold to their company and to start making payments to them.
For this reason, I believe (though I’m not certain) that the existing lender is required to send you a letter announcing the sale or transfer of your mortgage.
Whether you get such a letter or not, if you want to play it safe, you may want to call your existing lender and double-check. Especially if the sale is to some company you’ve never heard of.