Who took over Ace Mortgage's home loans?
My mortgage was with Ace, and we haven't gotten anything telling us who has our loan now... or where to send the payment.
- Anonymous1 decade agoFavorite Answer
Companies like ACE are only brokers who sell the mortgages to someone else. So you do not know who actually owns your mortgage. If you were making your mortgage payments to ACE they were probably just servicing the loan.
Ace is in Chapter 7 bankruptcy which means the company is to be liquidated. All assets will be sold or transferred to pay their liabilities. They will no longer operate as a business. Any payments make to them could disappear (into a dumpster).
Some other company will be your new servicer as determined by the bankruptcy judge. Until you receive notification of who to make payments you should accumulate those payments in your bank. The safest way to do this is to open a new savings account. If this lasts for more than a couple of months you should seek legal advice on how to proceed. There may be a free service in your area.
You should try to call Ace to see what to do, but likely nobody will answer. You should also send them a letter asking what to do. Keep records of what you have done. The new owner of the mortgage may try to claim you defaulted so you need to show you acted in good faith.
- Howard LLv 71 decade ago
Most, but not all, of Ace Mortgage mortgages were taken over by either EMC Mortgage or OCWEN Financial. Give them a call and see if they can help.
EMC Mortgage Corporation Two MacArthur Ridge
909 Hidden Ridge Drive Suite 200
Irving, TX 75038
Attn: Paul Graff
800-695-7695 Ext. 2947
OCWEN Financial Corporation 1661 Worthington Road
West Palm Beach, FL 33409 Attn: Mark Herman
mark. herman@ocwen .com