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What happens to my mortgage if the banks fail?
Submitted by Kat on Mon, 03/10/2008 - 15:47
Okay...I have $115,000 left on a fixed rate mortgage that will be paid off in nine years...If my bank collapses, as well as the mortage companies...who would i owe this to? » |
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Someone would buy the asset
To be honest, someone other than your bank likely owns the asset now. They have sliced and diced these mortgages and placed them in bonds (which are now crashing in value). Someone will come to collect, no doubt, but if you decide to foreclose and they cannot produce ownership papers, you may be able to avoid losing your home.
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Freedom - Peace - Prosperity
Wouldn't the lien holder be
Wouldn't the lien holder be registered somewhere with the local government as having a lien on the property?
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