Our mortgage lender has filed for bankruptcy protection. We assume that our mortgage in the bankruptcy proceeding will be sold to another lender at a greatly reduced price. Example: We owe $200,000 on our mortgage with the bankrupt lender. Another lender might buy it for $100,000. Is it possible to "buy" our own loan, from our current lender, while they are in bankruptcy, at a greatly reduced price, just like another lender will eventually do ?? We feel that we need to ask this question if it is possible because if another lender can buy it at a greatly reduced price, why not us, the mortgagee ??
Thank you for all answers to this question
2007-08-17
17:58:44
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6 answers
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asked by
Anonymous
in
Credit