You'll never guess who my lender is: Countrywide! There's wide speculation that they will be bankrupt soon. Hey, maybe I should offer to loan them some money--at about double the interest rate they're charging me. Yeah, I'm sure they'd go for that.
2007-08-16 05:36:18 · 4 answers · asked by rainfingers 4 in Business & Finance ➔ Corporations
I did already know I wouldn't get out of paying my mortgage--I'm not that naive.
2007-08-16 06:13:40 · update #1
Some one will buy the loans that country wide holds and you would continue to pay your payments as scheduled. If Country Wide goes bankrupt, it is because the loans they made are not worth what was lent out. Someone will end up buying all of Countrywide's loans, it is just a matter how much will they pay for them. It will be something less than they are on Countrywide's books.
2007-08-16 05:52:53 · answer #1 · answered by Willie J 5 · 1⤊ 0⤋
There are many possibilities, depending on the type of bankrupcty. The promissory note might be sold to another lender and the proceeds used to pay off their creditors.
2007-08-16 13:02:47 · answer #2 · answered by Feeling Mutual 7 · 1⤊ 0⤋
I'm sure your mortgage will be picked up by another lender.
2007-08-16 12:40:21 · answer #3 · answered by magnolia 5 · 0⤊ 0⤋
Your loan will be picked up by another company and life goes on. NO you WILL NOT get the house free now!
2007-08-16 12:44:54 · answer #4 · answered by Anonymous · 0⤊ 1⤋