So who collects my mortgage payment if big lenders die?

Commanding_Heights · Heavy Crude Joined: Nov 09, 2006 Posts: 125

The government? I'm assuming that if Fannie and Freddie go under we'll be in a depression. How does the government explain to people it has to put them out of their homes if government is there to help? You think the politicians would be so brave?

gnm

Here to help? Greed, grift and incompetence are the name of the game in Washington. Their only care has been for their own enrichment. The two scariest lines you will ever hear are...

"We're from the government, and we're here to help"

RUN!

-G
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All right, you primitive screw-heads, listen up!

Kingcoal

You will receive a notice in the mail of where to send your new payment in the event your mortgage is transfered through sale or acquisition by other means.

Don't worry about your lender, believe me, regardless of who ends up owning your mortgage in the future,one thing is certain; they will demand to receive their payment every month!
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"That's the problem with mercy, kid... It just ain't professional" - Fast Eddie, The Color of Money

cube · Fusion Joined: Mar 12, 2005 Posts: 3374

kokoda · Heavy Crude Joined: Aug 24, 2006 Posts: 420

What happened during the last great depression was a massive transfer of wealth from the poor and middle class up to the wealthy.

What happens is the banks collapse taking the the rest of the economy down the drain with them. You then have mass unemployment and people defaulting on loans. The bank's creditors will then repossess the houses and other assets of the loan defaulters.

At the end of it the wealthy will control or own everything of value in society and the average Joe will be left with nothing.

threadbear · Expert Joined: Jan 22, 2005 Posts: 7249

Who will collect your payment? An even bigger lender.

threadbear · Expert Joined: Jan 22, 2005 Posts: 7249

mmasters

emersonbiggins

"China International Mortgage Servicing Corporation"

Razz

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"It's called the American Dream because you'd have to be asleep to believe it."

George Carlin

Kingcoal

Since those payments coming in are counted as assets, whatever happens, those payments will be billed. If a bank comes under government control or some other trustee, the prime mission of that trustee is to keep collecting those payments. Like I said, don't worry about the bank "forgetting" to collect your payment - that is on their list of top priorities.

As I've posted in other forums, if you can't pay your mortgage, I mean if you've tried everything else and still find that you can't live and pay your mortgage, then move out, leave the house clean and empty, then put your keys in an envelope and mail them to your bank. Other than destroy your credit history, which is probably already destroyed anyway, the only thing the bank can do if you don't pay is foreclose and repossess the property. Since you've already moved out and sent them the keys, you're set. Don't try to "steal" the house from the bank. It doesn't work that way, no matter what happens. There have been cases where the mortgage holder couldn't produce all the paperwork for a foreclosure so they lost in court. You might think that you'd walk away after that, but there is the taxmen to consider. Since you just inherited a house, you might owe taxes on the transfer of wealth and those taxes will probably be substantial. Also, no matter what happens, the property taxes need to be paid, otherwise the county will take the house.
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"That's the problem with mercy, kid... It just ain't professional" - Fast Eddie, The Color of Money

MrBill · Expert Joined: Sep 15, 2005 Posts: 5220 Location: Eurasia

“This is unbelievable,” Mr. Mozilo (Countrywide's CEO) said in his message. “Most of these letters now have the same wording. Obviously they are being counseled by some other person or by the Internet. Disgusting.”