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Additional Details
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Martillo | Question about banks and mortgages? |
If my credit union collapses, what would happen to my mortgage? Who would take over it, the federal government?, another bank?
Additional Details
so what your saying is I'd have to find another bank? |
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roadhunter
 |
Most likely, another lender would buy up all of their loans, so you would get a notice that your payment address had changed. That's it. Don't worry too much about it. |
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bostonianinmo
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Somebody will buy out the credit union's assets, i.e. its mortgage portfolio in your case. You'll be notified of who the new mortgage holder is and where to mail the payments. The terms of your mortgage will not change, nor is there any reason to refinance the mortgage as one clueless poster claims. |
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SmartA$$
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First the NCIU would step in. They are the same as the FDIC except that they insure credit unions instead of banks. Other than the initials, they are exactly the same.
The NCIU would start by seizing all of the credit unions assets, which include all the loans owed to the credit union. Those assets would be sold off as one big package. Other banks would bid on the package and the highest bidder wins.
You would then get a notice that the new bank is holding your loan, and you'd start sending your payments to them instead. The new bank is required to abide by all the same terms as what was written in your original loan contract. So nothing changes for you except the address you mail the payment to.
There is actually a good chance the new bank would keep the credit union open. When Washington Mutual was sold to JP Moprgan, nothing changed. JP Morgan is still operating all the WAMU branches and they are keeping the WAMU name. The only real difference is that somewhere in the upper management of the company there is a different parent company running the show.
The NCIU would then use the money from the sale of the assets to pay all the people who had money deposited at the credit union. If there isn't enough money to pay everyone, the NCIU covers the difference as part of the insurance. |
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Booth
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I believe the FDIC has another bank buy them out. You then have your mortgage with the new bank or credit union.
Check with your credit union to see what their score is. Anything above 7 is considered okay. Credit Unions are usually above 10. |
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Lamar R
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Don't worry, I'm sure that your credit union was a member of the League of Credit Unions. One of the other member credit unions will take it. You won't get off the hook for the mortgage. |
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bud68
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Another lender will assume it. Terms remain unchanged. |
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godged
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The poster saying you have to find another bank and pay off your mortgage is incorrect.
If your credit union fails, another lender will by the assets (their outstanding loans) and you will pay another lender. So yes, another bank will take over your mortgage. |
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TK
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Your state's banking commissioner would take your credit union into receivership and either find a willing buyer for all its assets, i.e., the mortgages, like yours, that the credit union holds, or it would sell off the mortgages singly or in pools to interested investors, which is the less likely alternative.
In either event, your mortgage will be acquired by another entity and you will be required to pay it as you are now absent a loan modification between you and the new mortgage holder. |
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Don
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There is a very rare chance that your credit union will collapse. They are different from banks and any many ways more secure. Don't worry about your mortgage in the rare event that it should collapse there will be avenues put into place to help you refinance your loan. |
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horrorbizgirl
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optimist you are mistaken. washington mutual went down, but were taken over by jp morgan. no refinancing required. but it would of course depend on the situation. such as if no one took over your bank, which is very unlikely, you may have to refinance. |
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Optimist
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You will be expected to repay it on demand. No one takes it over, you have to get a new mortgage to pay it off. |
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