can you stop bankruptcy
What happens when your mortgage when your mortgagee files for bankruptcy.?
What happens with your mortgagee files for bankruptcy? Is the loan just bought by new company and you just pay new mortgage company? Can said new mortgage company change payments or alter rate or terms of the mortgage? I understand thay you dont get off free and clear,and i know you dont just stop making payments.
once again I would like to state I know that you dont get off free and clear and you still have to pay someone.
As far as you are concerned nothing happens. You just keep making payments to the same company or whoever bought the loan after the bankruptcy. The new company can not change the terms of the loan beyond of what is written in the Note. You should have the Note in your closing package, it’s a three page document that has all the terms of the loan outlined, and no one can change those terms.
And, you should be so lucky, but there is no chance that you will get your house free and clear after your mortgage holder goes bankrupt. Your loan is the bank’s asset that gets sold to cover bank’s obligations. Sorry.
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