I currently have my mortage with countrywide home loans. If they were to go bankrupt what would happen???? Would my loan be transferred over to another company????
CountryWide Home Loans Bankruptcy??????
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lyllyan
March 21, 2010 at 6:39 am
Another company would buy your mortgage. You have to make payments on your mortgage regardless.
Leof
March 21, 2010 at 6:54 am
Yes.
Chris
March 21, 2010 at 7:53 am
Chances are CountryWide (if they BK at all) will go chapter 13: restructure of debt. They will most likely be able to continue servicing the loans they currently have.
If not, they will sell of their loans to other investors; however this will NOT change anything about you loan except for where you send the check. The rate and terms will all stay the same. I’m a mortgage broker so I’ve been answering this question all day – if you are happy with the terms of your loan with CountryWide, keep it. If not, it’s time to explore refinancing.
skiingstowe
March 21, 2010 at 8:04 am
Hi,
Not to worry, they just got 11.5 billion dollars to play bank with. But of they did, someone else would buy your loan.