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mecurlylocks | What happens to my mortgage if Countrywide goes into bankruptcy? |
I read in the news that shares fell, and company could declare bankrupcy..would my mortgage(s) be affected as far as terms/rates?
Additional Details
I read this on latimes/cnn/thestreet.com |
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Stephen K
 |
Some other company would pick up the loan, at the rate that was agreed upon |
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ann
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They cannot change your terms, but your mortgage will probably be sold as an asset to the company. The only difference is you will get a new company to pay and probably new stubs to turn in with your check. |
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Steve-O
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Ann is correct--if they transfer your mortgage, they cannot legally change your terms. And unfortunately you will still have to pay it, even if your lender goes belly up. |
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shant
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Get valuable tips on mortgage from http://moneymentor.cashmatter.info . It's a very useful website. |
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veerkars
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It will make no monetary difference to you. Countrywide will in effect sell the loan off to another bank and you will then pay them instead. |
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skipymcgoo
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i don't think your rates/terms will change. most likely if you are a good payer they will sell your mortgage off to another company who would have to honor the terms of the mortgage contract you have with countrywide. you're loan will stay the same just who you make the payment to will change. |
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the_grot_shoppe
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Your mortgage would be bought by another lender.
Countrywide better not go into bankrupcy, they hold my mortgage.
What makes you think/where did you hear Countrywide was going bankrupt? |
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pricetravel
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Wouldn't it be nice if it got lost?
This is an interesting question. I am curious myself. |
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jfrfvr4
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Back in the 60's they would call a mortgage if something like this happened.Basically if they got in trouble rates would jump.(supply & demand), You got in trouble too because you owe them money and now your ARM, Teaser,Jumbo,or balloon ratewould jump as well as its subject to market volatility.BEFORE YOU PANIC;I'm almost certain there are government laws that don't allow this unless speciifically called in the mortgage.(I'm not the RE guru but i'm pretty-sure this is the case).Don't worry about it too much,mortgage co's like CFC & Thornburg & other LARGER co's will be able to weather this.They will lose money,but i don't think they are going bankrupt.Bankruptcies are going to show in places that these mortgages were sold to in lots,like HEDGE FUNDS, Investment banks, and a diverse cross-section of corps using this paper as derivative speculation.One Co that I personally invested in was 30% derivative (mortgage paper), and they divested ALL of it starting in April, and finished in June.There are some large banks that are heavily invested in derivative paper of this nature.(One of them at one time had 12% exposure)I'm NOT going to mention them here,but if you are in the know ..........you know who they are.Again, the smaller co's who's exposure is greatest stand to lose the most in this via possible bankruptcy.The larger corps are just going to lose money.Do I need to tell you what that is going to do to their balance sheets? INFLATION is what will need to be tamed by late 4th Qtr., and then earnings will come out for 3rd Qtr. Fasten your seat belts! |
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pugetsound1973
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the only thing that could change is you will send your payment to a different company...you will have the same payment and the same rate as you hade before as it is a contract. |
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kate
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Your rates will stay the same , they would just forward the payments to the new owner (whomever takes over) .
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