Who now owns your house? Do the original terms of your loan remain intact?
2007-06-12 05:59:52 · 3 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
The mortgage goes up for sale, another bank is going to own it. All of the terms remain intact, other tehn a new mailing address for your payment there will be no changes impacting you as long as you used an American bank. Your account is insured by the goverment, you don't need to fear loosing your home.
2007-06-12 06:05:33 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Mortgages are typically sold between companies all the time. Your mortgage has probably been sold to another company. They will send you notification in the mail of the new company and where your payments should be going. You did sign all your paperwork with your set payments and interest. I do not believe the new company can change any of the existing contract. They are only purchasing the loans from your original company.
2007-06-12 06:06:15 · answer #2 · answered by roz_phillips2004 1 · 0⤊ 0⤋
You need to find out if another company bought them out or who took over your mortgage by law they have to notify you of who took over the mortgage . How long ago did they shut down and if it has been over 30 days you need to contact your states attorneys office and find something out before you loose your house . good luck .
2007-06-12 06:06:00 · answer #3 · answered by Kate T. 7 · 0⤊ 0⤋