What happen to your mortgage if your mortgage company go into collapse?
Answers:
The mortgage is a legally binding contract which will be bought by (or awarded by a court to) another mortgage company or bank.
Another company will buy your loan. You will still have to pay your mortgage. It is prominent to remember that the terms of you loan MUST stay the same. The up to date company can not change your terms. One of the single things a new company can do is change the due date of your payments, but they must notify you first.
Another bank or lender will most promising purchase your mortgage contract. Note that if this happens, the terms of your loan should not adapt.
Another compancy will take it over
You don't have to pay!!
Just kid.....
They sell your loan to a solvent company and you have to maintain paying.
its sold to another lender
huh?
typically the mortgage company sell your mortgage to another company.
Another lender may purchase your motrgage.
Oh man, my head is hurting??
*thinking*
The clear 'paper' will be purchased at auction as 'assets' and transferred to the new owner.
The new owner may be a edge, another mortgage company, a mortgage brokerage, or an individual. Any entity with the liquid assets can bid on such property.
Good luck next to that.
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