My Mortgage Company Went Out Of Business, Now What?
Posted Aug 23, 2007 @ 3:09 pm, Viewed by 514 Visitors, Read 524 Times.Several people have asked me lately about what happens if their mortgage company goes out of business. Here is what you should do no matter if your mortgage company goes out of business or not.
- Know the terms of your mortgage: no matter what the terms of your mortgage should not change if your loan is sold to someone else, or your lender goes out of business. When a lender sells your mortgage (which happens quite often) you should receive notice from the new company within 15 days, outlining the payment date, and new mailing address or methods for setting up electronic payment.
- No matter what you hear in the news about your mortgage company, keep making your mortgage payments on time and in full. Your loan and the payments you make on it are considered an asset to the lender. If your lender goes bankrupt that asset and others will be sold to another lender.
- Save all documentation on your mortgage, especially statements, which show the loan, paid off. If a lender goes out of business, they may not record a mortgage satisfaction. I have represented several home owners in selling their homes who were in this situation. Without the proper documentation, it becomes much more difficult for the closing attorney and title insurance company to determine that all leans against your home are satisfied.
As long as you are current with your home mortgage payments you have little to worry about if your mortgage lender is in trouble.
James Boyer
Realtor Associate
Keller Williams Real Estate
488 Springfield Ave
973.647.0253
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James Boyer, is a resident of Morris Township in Morris County New Jersey and Specializes in listing and selling homes in Morristown, Morris Township, Madison, Florham Park, Chatham, Summit, Short Hills, Millburn, Maplewood, & South Orange New Jersey and Morris Essex & Union County Real Estate. Read More
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