My bank collapsed can I renegotiate my mortgage?

Question

My bank collapsed can I renegotiate my mortgage?

Answer 1

No, when you closed on your loan it was bundled with other loans that were like yours (conforming, non-conforming, alt-a, sub prime or some other type) and was then sold to investors on wall street as a mortgage backed security.

The terms of your loan will remain the same until it is paid off!!!

So yes someone on here can answer that question!

Answer 2

No one here can answer that question.  You need to call your bank and find out.

Answer 3

The loan moved, in bulk to another bank.

You will need to refi if you want to renegotiate.   Your present contract is still valid.

Answer 4

See if you can find out who will be servicing your loan. I am 99% sure that you can not renegotiate just because your loan is being serviced elsewhere.

It really shouldn't affect you for better or worse.

On the other hand, if you want to refinance (assuming you qualify), that is an option.

If you want to renegotiate because you are in trouble, you do not get a pass because the lender went under. If you're in a tough spot, find out who is servicing the loan and be proactive in contacting them and be honest about your situation. Banks do not want to foreclose unless they must. People make mistakes and bad decisions sometimes. If you are honest with the lender and responsive to their willingness to compromise, you have a better shot at a positive solution.

Answer 5

Nope. If you are talking about IndyMac or some other company that has recently went bankrupt, that is going to make no difference in how your mortgage is handled, other than who you may pay in the future.