2007-08-15 10:47:05 · 6 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
The lenders assets, including your loan, are sold to other lenders. You now owe the same amount under the same terms to another mortgage company. This is actually quite common even if the lender does NOT go bankrupt. My mortgage was sold by the original lender before I signed the paperwork. In the 4 years since, it has already been sold to a 3rd company.
2007-08-15 11:43:11 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
The bankruptcy judge will decide who gets your mortgage payments.
Odds are they will sell your mortgage to another company. My guess is you continue making your payments, or put them in a special bank account, until contacted by the legal staff concerning the bankruptcy.
2007-08-15 17:51:53 · answer #2 · answered by Gem 7 · 1⤊ 0⤋
Typically another financial institution will buy the assetts (including receivables) from the bankrupt lender. Bankruptcy courts oversee the process.
2007-08-15 17:51:35 · answer #3 · answered by homerunhitter 4 · 1⤊ 0⤋
for your nothing - u will get something in writing telling who your new mortgage company is -- payment will go into a fund that will be paid to the company that buy out the bankrupt mortage company!!!
2007-08-15 17:59:38 · answer #4 · answered by mister ed 7 · 0⤊ 0⤋
usually your mortgage is sold
2007-08-15 17:59:57 · answer #5 · answered by cobots 4 · 1⤊ 0⤋
You will be notified by the courts of where to send payments.
2007-08-15 17:53:41 · answer #6 · answered by rightofleft 2 · 1⤊ 0⤋