my sister's mortgage company went bankrupt, what rights does she have?

Question

In Feb they sent payment 2 d mortgage comp. & it was sent back saying that they sold d account, so they sent it to the new comp. & it was sent back to the original mortgage comp. they became 1 month then another,then another until it was foreclose. now that the house is REO what rights does she have in Virginia. how long does she have before she get evicted. Also the agent/broker offered them money for the key to the house for them to moved out in 2 weeks and help them moved out. Is that even legal in Virginia? Is there any sight to find out the real law? and if the bank went bankrupt went they still own the house what can my sister do? she offered to buy the house back but they said from the new mortgage company.

Answer 1

Apparently your sister was in serious default when her mortgage company declared bankruptcy. The new mortgage contract owner elected to go to foreclosure over the past due amounts.

It's quite legal for the agent/broker to offer money for the key and to help them move in return for this, as long as your sister agreed with the offer.

All dealings your sister will have in the future are with the new mortgage contract owner. It's useless to talk to the former one, since the contract has been sold to the new one.

Answer 2

If the loan company is going BK, which will have no impression on any of the debtors. if your mom and dad are cutting-edge on their money they might't be foreclosed upon merely because of the fact the lender is going BK. as quickly as the corporate is going into receivership the loans would be offered off to different creditors or loan servicing agencies as portion of the BK complaints. The debtors would be notified of who the hot holder of their notice is and could initiate making money to the hot lender. advertising of loans is very basic interior the loan banking industry even whilst the lender isn't likely BK. Assuming that your mom and dad are cutting-edge on their money, they shouldn't flow out of the residing house! in the event that they do and end making their money THEN they're going to land up in foreclosures! do no longer enable them to try this!