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Mortgage Lenders Who Go Bankrupt

Posted on March 02 By MLP Lending Guide

It may seem like private lending institutions like banks never make financial mistakes. But the sad fact is that these institutions are run by individuals, and occasionally a mortgage lender or bank will run into troubles and might even go bankrupt. If you have an outstanding mortgage and the lender goes bankrupt, what happens to your mortgage? Unfortunately, your obligation to make payments will not disappear. When a company goes bankrupt, their assets are transferred somewhere else, and like many material assets, an outstanding mortgage is also worth something.

Odds are, your outstanding mortgage will be transferred to another company or private lender, and after the bankruptcy your payments will go to the new lender. Keep in mind that your original lender is required by law to inform you of this, and they must provide you with the name and information of your new lender. Be wary of anyone claiming to be your lender and demanding money, as that too could be a scam. Always check with your mortgage lender before sending payments somewhere new.

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18 Responses to "Mortgage Lenders Who Go Bankrupt"
  1. paving reading 10, Nov, 2011

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  5. for rent 10, Sep, 2010

    Many landlords will need to confirm your references. Telephone forward to alert doable references, including your former landlord, that they may obtain a call. Collect some info to current to landlords/leasing brokers ? they will probably ask for it, anyway. This should embody a credit verify, a resume and pay stubs or tax returns.

      Reply»  
  6. Boris Papitto 20, Aug, 2010

    Thank you for your insight. Your thorough presentation is appreciated. Keep up the good work.

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  7. CT Bankruptcy 07, Aug, 2010

    I love this post. thanks for the information.

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  8. Dallas Bankruptcy 07, Aug, 2010

    Well too many banks give these bad loans out to people then those people have to file bankruptcy. Its insane!

      Reply»  
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