Even though I am making payments on time with my home mortgage. Can lose my home if if my lender declares bankruptcy?
2007-08-16 09:59:54 · 6 answers · asked by Ken H 6 in Business & Finance ➔ Renting & Real Estate
No, you have nothing to worry about. Your mortgage may be sold or taken over by someone else, but the terms of the loan cannot change.
When you see lenders filing for BK protection, it is mainly the lending side that is in trouble, not the loan servicing side, although they're often lumped together.
2007-08-16 10:14:09 · answer #1 · answered by Mr. Knowitall 3 · 0⤊ 0⤋
No it will be taken over by someone, the only problem that can hurt your credit is if you send the check to the wrong place. Keep in constant communication with them so an error like this does not happen. You need to be kept informed as to when, and where you should send your mortgage to. (there is sometimes a time delay in the change of companies)
2007-08-16 17:21:23 · answer #2 · answered by Pengy 7 · 0⤊ 0⤋
No. If your lender goes bankrupt, the bankruptcy trustee will appoint someone to manage the current accounts. You will be protected.
Good luck.
2007-08-16 17:08:41 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No, what happens is all of their loans are sold to another financial institution who takes over administering them and collecting the payments. The loans are considered assets that are sold to pay the company's debts.
2007-08-16 17:09:34 · answer #4 · answered by Katasha 3 · 0⤊ 0⤋
No, another firm will buy the assets from that company. Your mortgage stays the same.
2007-08-16 18:57:56 · answer #5 · answered by Qyllix 5 · 0⤊ 0⤋
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2007-08-16 17:10:24 · answer #6 · answered by Christopher 2 · 0⤊ 3⤋