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Discussion Starter #1
OK- if the bank that holds your mortgage is sold or goes under- how does that affect Joe Public's mortgage as held by that bank? Would it just be seamlessly transferred to the new owner (or the government if they're bought out?) or are there any snags or problems that one should be aware of if one knows the bank that holds their mortgage is going under? Not worried about it- just wondering if there are any potential problems to be aware of.
 

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Discussion Starter #3
it should stay the same, just different address to send painment.
That's what I thought because so many are sold normally- but I wasn't sure if in this climate of mass bank mergers, sales and chaos if there were any potential snags or issues, since it's not exactly business as usual out there these days... :)
 

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refinance with Wells Fargo or Ditech, they don't bundle and sell your mortgage.
Wells Fargo is a bunch of low life, no good, conniving, evil F*&^ing bastards... in my humble opinion.

They don't sell your mortgage so they can screw you over more until they can take your house.
 

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Ours was sold between the time we got the contract on the house and the day we closed. It was just sold again along with WaMu only a couple months later.
 

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no impact at all

Most banks dont service their own mortgages - they have servicing companies that they pay to do it for them. The servicing companies will keep collecting your payments. If it is bank serviced, then payment will still be collected,

Banks arent like a grocery store, or wendys - if they close, no one shows up at work the next day. If a bank closes, their sales force, and customer service people (the people that we see) might be gone, but the operations will still be around for a while closing down operations and selling off all of the assets - and a banks servicing portfolio is a pretty valuable asset.

In the end, someone else will own your mortgage as your bank sells it off in order to pay off creditors and you'll still have to make your payments.
 

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Wells Fargo is a bunch of low life, no good, conniving, evil F*&^ing bastards... in my humble opinion.

They don't sell your mortgage so they can screw you over more until they can take your house.

I've never had ANY issues with Wells Fargo, now Bank Of America on the other hand....But I have noticed that banks have a tendency to treat you according to your credit score...Also DIETCH has no closing costs..
 

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Discussion Starter #11
Right- I'm familiar with the selling bit- I was just wondering if, given the mass bank closures and mergers if anything could *change* with the terms of the loan or anything else really. Not looking to get off the hook with it LOL! Just making sure no one is running into any snags or issues out there with the transitions.




no impact at all

Most banks dont service their own mortgages - they have servicing companies that they pay to do it for them. The servicing companies will keep collecting your payments. If it is bank serviced, then payment will still be collected,

Banks arent like a grocery store, or wendys - if they close, no one shows up at work the next day. If a bank closes, their sales force, and customer service people (the people that we see) might be gone, but the operations will still be around for a while closing down operations and selling off all of the assets - and a banks servicing portfolio is a pretty valuable asset.

In the end, someone else will own your mortgage as your bank sells it off in order to pay off creditors and you'll still have to make your payments.
 

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They can't change the terms of your mortgage if they buy it from another bank unless you got suckered into an adjustable rate. Your mortgage is a contract, you buy a contract you have to abide by the original terms.
 

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I had my mortgage with a loan company that sold my account before my first payment, then my 8th payment and then my 11th payment. I then went to my bank and requested a loan-approved in 3 days with check in hand before the week was out. No closing costs, no inspections fees, no down payment, no fees period and we received money back at closing.


The bank I have mine with is Bank of America, when we got behind (by 4 1/2 months-husband had surgery) they worked with us and created a repayment plan with our regular payment. It may not be cheaper in the long run-but they only increased our payment by $50.00 a month until the account was current (no late fees incurred). We have had our mortgage with them for 8 years and we have never had any problems with them, they will work with you to help you keep your home. We bought our home with a fixed rate of right under 5% for 15 years with no ballon payments. We will have it payed of in about 2 more years if everything goes right.


I love my Bank-Loyal customer for 15 years.
 
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