I am a little bit worried now... my mortgage is held by indimac bank!?

Question

what i can expect after a situation like this?

Answer 1

I read in National Mortgage News that Indymac's residential mortgage division may be taken over by Prospect Bank.

You need not worry too much .... someone will surely contact you to let you know how to make your payment.

On the other hand, do be proactive. I could imagine consumers not knowing where to send their payment, not being notified in a timely manner, and then being penalized because their payment was not received in time.

Seems ridiculous, I know. But the business model of Big Banks, like insurance companies, is designed to take your money and keep it, and they are not eager to stand accountable for their own errors and malfeasance.

Answer 2

There is a federal law in place for this, it's a 15/15/60 day rule.  If indymac sells their mortgages, they have 15 days to send you a letter in writing stating they have sold your loan.  The new servicer has 15 days to send you a "hello" letter stating who they are and informing you that they are servicing your loan.  if your loan is sold, you can pay indymac for 60 days after the loan is sold at no penalty to you, hope this helps

Answer 3

Usually your loan will be sold to another bank.....look at your bill it may (already) belong to another bank.

Good Luck

Answer 4

If Indymac goes under, your loan will be assumed by another lender. Most likely, your loan will be bought by another bank.  Your terms will not change.

Answer 5

Don't worry, they will probably make any changes invisible to you. You owe money, someone will collect. No worries - unless you're involved in some shady dealings. Just watch the mail.