Myhouse is in forclosuer but bank is closed because the federal goverment ceased the bank indy mack

Question

if the federal goverment cease a bank for approving a loan knowing that i could not afford it do i still have to pay for it even if the house is in forclosuer

Answer 1

Indy Bank was folded over to Indy Federa Bank. Operations continue as always.

YOu still have to pay.

Answer 2

The loan still exists as a lien against the property. It may be renegotiated, rates may change, the paperholder may change; but the obligation will remain, and payments made will be credited to the loan; payments missed will be be held against it.

Keep paying

Answer 3

If your home is in foreclosure, you should not be making any payments.

The fact that IndyMac was seized doesnt affect the foreclosure procedures, or your situation. The asset is merely transferred to the FDIC

Answer 4

Yes, or lose it. The foreclosure will still happen. The government didn't seize the bank due to your loan. Nor did the bank give you the loan thinking you couldn't pay. You must have proved at the time you could. But if they did make a bad judgement call, it's still only going to effect you. You'll lose your credit, you'll lose ability to get another home, you'll find it hard to even rent if you were found not to be paying your mortgage. I would refuse to rent to anyone under that circumstance! Wouldn't you? You'l find buying anything on credit will be almost impossible. When you finally have someone to talk to over the foreclosure ask if a short sale could be possible. It could save you credit problems that will follow you for 10 years of your life. Not the 7 yars that other credit causes.