What does a mortgage company collapse mean for your personal financial world? You might be wondering if that gives you a get-out-of-jail free card. Unfortunately, the answer is no. You will still have to make payments on your loan.
“The borrower is never informed about the lender’s financial problems,” explains Christopher Burgelin, owner of We Buy Houses Fast, LLC, in Austin, Texas. “If the bank’s charter is in jeopardy, the bank’s insurer or regulatory agency will step in to take over. This takeover typically ends with theIf your mortgage were to be taken over by another bank or lender, the servicing of the loan would become the new owner’s responsibility.
If your loan servicer changes, you will receive a notification confirming the change from both the old servicer and the new servicer. This notice will include information on where to send your payment. Typically, if a mortgage lender is going broke it will cease to underwrite loans. But if your financing has already been approved, getting a new lender might not be that hard, thanks to today’s more standardized underwriting guidelines and methods.
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