Man!

[Agee]

They just bought my mortage

So it was you!

Maybe they've gotten a bit greedy?

 

[kwillia]

Yeah, yeah, that's the ticket

Does that mean you will be able to afford to go to New Zealand now!?!?!?!?!

 

[Agee]

Well, I was being sarcastic, but I am curious what happens (on account'a they're my mortgage company too, for a house that becomes mine this coming Tuesday).

Say your mortgage company takes a dump. Who do you send the checks to? The government?

What I was thinking when I read them being cited for troubled times.

Any ideas?

 

[Agee]

Does that mean you will be able to afford to go to New Zealand now!?!?!?!?!

and buy a nice boat to take me there!

 

[MMDad]

What I was thinking when I read them being cited for troubled times.

Any ideas?

If it goes too far, they'll have to go into bankruptcy protection. They'll still be collecting payments until they can sell off the loans they own. Your loan will probably go to another company, but you will still be liable for the payments.

Sorry

 

[Bonehead]

With what my accounts have lost in the last three weeks I could have bought two brand new cars, not hundais either. Holycrap !

 

[BadGirl]

Well, I was being sarcastic, but I am curious what happens (on account'a they're my mortgage company too, for a house that becomes mine this coming Tuesday).

Say your mortgage company takes a dump. Who do you send the checks to? The government?

The front page of today's Washington Post talking about this very subject.

http://www.washingtonpost.com/wp-dyn/content/article/2007/08/15/AR2007081502436.html?hpid=topnews

"....
More than 8,000 lenders operate in this country, according to federal data. Dozens of them have shut down in recent months without warning consumers. Two of the larger ones, American Home Mortgage Investment and Aegis Mortgage, filed for Chapter 11 bankruptcy court protection this month.

For buyers, sellers, real estate agents, settlement lawyers and mortgage brokers, there is no longer reason to believe a deal is done until money changes hands.

Letters from lenders approving loans "used to be a reason to exhale, a reason to believe that a deal is done," said Leisa Hart, an agent with Long & Foster Real Estate. "We no longer have reason to exhale until we've gotten to the settlement table and until that loan has been fully funded.".........

 

[baileydog]

"Countrywide fell $4.93, or 23.2 percent, at $16.36 after the mortgage lender borrowed $11.5 billion from a group of 40 banks to fund loans, in a move that shows just how deep the lending crisis has become. The company has been slammed as the credit crunch has driven a number of its smaller peers to bankruptcy."

That's my mortgage Company, too.

Arent they just about everyones? Theyre mine.

 

[itsbob]

If it goes too far, they'll have to go into bankruptcy protection. They'll still be collecting payments until they can sell off the loans they own. Your loan will probably go to another company, but you will still be liable for the payments.

Sorry

20 years ago when this happened the mortgage companies starting calling loans due in full.. and you had 30 days to re-finance or pay off the loan in full or lose your house.
Thankfully after that fiasco they changed the laws and you won't lose your house because the bank needs to liquidate their assetts.

 

[Agee]

The front page of today's Washington Post talking about this very subject.

http://www.washingtonpost.com/wp-dyn/content/article/2007/08/15/AR2007081502436.html?hpid=topnews

.

"While bankruptcies and other lender problems can be disruptive for people taking out new loans, they have little effect on existing borrowers, who must continue making their payments to whoever manages the loans."

 

[kwillia]

"While bankruptcies and other lender problems can be disruptive for people taking out new loans, they have little effect on existing borrowers, who must continue making their payments to whoever manages the loans."

There goes your new boat...

 

[wkndbeacher]

They just bought my mortage

hmm do we need to talk privately again?

 

[Agee]

There goes your new boat...

It was a nice fantasy while it lasted. Back to Mega-Millions!

 

[wkndbeacher]

Well, I was being sarcastic, but I am curious what happens (on account'a they're my mortgage company too, for a house that becomes mine this coming Tuesday).

Say your mortgage company takes a dump. Who do you send the checks to? The government?

I work through other mortgage companies and we're having no problems getting our loans funded(think they did too many bad deals last year now their paying for it)

 

[wkndbeacher]

I work through other mortgage companies and we're having no problems getting our loans funded(think they did too many bad deals last year now their paying for it)

I am getting alot of ppl that are looking to refi because some (I wont name names) other companies gave them an interest only, which is messed up because your just paying a fixed rate on ur interest(scratches head) and the horrible ARM rates.

 

[Nicole_in_somd]

We will be busy in about 6 months! I work in securities litigation.

What is that?

 

[DoWhat]

The stock market is really tanking!

I was taught that when the market takes a dive:
"You never lose money, until you sell."

 

[sweetpea15]

"Countrywide fell $4.93, or 23.2 percent, at $16.36 after the mortgage lender borrowed $11.5 billion from a group of 40 banks to fund loans, in a move that shows just how deep the lending crisis has become. The company has been slammed as the credit crunch has driven a number of its smaller peers to bankruptcy."

That's my mortgage Company, too.

It's mine also

 

[LexiGirl75]

If it goes too far, they'll have to go into bankruptcy protection. They'll still be collecting payments until they can sell off the loans they own. Your loan will probably go to another company, but you will still be liable for the payments.

Sorry

I was hoping to answer this lol.

I've been consumed reading all about this crap for the past month. I am like intrigued (unhealthily) by it all. It's the first real event I can tell my grandkids about that I lived through.

 

[Nickel]

It's the first real event I can tell my grandkids about that I lived through.

What the heck?