What happens to my loan when New Century goes under?
2007-03-12 13:59:08 · 3 answers · asked by jm29 1 in Business & Finance ➔ Renting & Real Estate
In Bk, the company will sell its assets including paper they are currently holding. Your loan will be sold to cover the cost to discharge the debts they owe. You will still owe the money you borrowed.
2007-03-12 15:08:19 · answer #1 · answered by Tadow 4 · 0⤊ 0⤋
if it's anything like when mortgage lenders went under (last month), your loan servicing will be transferred to another company. nothing about your loan will be affected though
2007-03-12 21:03:05 · answer #2 · answered by ann l 1 · 0⤊ 0⤋
Usually the holding institution will take over the assets (their loans) and payments will end up going to them . . . but ya never know for sure until the whole thing rings out . . .
http://biz.yahoo.com/ap/070312/new_century_lenders.html?.v=10
2007-03-12 21:06:44 · answer #3 · answered by kate 7 · 0⤊ 0⤋