Home mortgage sold to another lender, unable to update loan file to new lender, terms are same

marohgr_1
marohgr_1 Member ✭✭
Home mortgage sold to another lender, unable to update loan file to new lender, terms are same. Do not want to create brand new home loan file solely due to loan being transferred, but appears I will have to. Quicken updates for split payments stopped updating and unable to reconcile since loan was transferred. Desired state is to simply relabel all loan information to the new lender and have remaining loan period, balances, interest continue to be decremented as loan terms exactly the same, but less many months of payments prior to loan being transferred. Can Quicken support help? For example, 30 yr fixed interest home mortgage but say 28 yrs 6 months remaining after loan transferred. Initially 6 months payments easy to reconcile and decrement, including P&I as split. Cannot rename initial lender in quicken to new lender.

Comments

  • Chris_QPW
    Chris_QPW Member ✭✭✭✭

    Because of the nature of how they choose to download loan accounts this isn't possible. When you choose to download transactions they "believe what is downloaded" and you lose all control of the account register/transactions (the account register is hidden). What's more the only action you can take is to deactivate it for downloading and change it to an offline loan account. Also itsn't possible link an existing offline loan account to a downloaded one.

    Your only choices are changing to an offline loan account or closing the existing online account and creating a new downloaded one. Whether you can "continue" from where you left off I have no idea.

    Personally I don't think the download of one amount in an online loans account is worth hassle.

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