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It gets sold, along with all other asssets of the bank (like desks and chairs and investments, etc) to whoever takes it over. The Feds probably have a new onwer arranged before you even knew anything and the bank continues operating without interruption.
Your loan was likely sold many times since it was made already, without you even knowing it. That's one way a lender gets new funds to loan. The "servicing" - the jandling of the payments - and ownership may be different places.
What else can I help you with?
What happens if you lose home insurance and you are paying a mortgage?
If you do not get another policy the mortgage company will procure its own policy which will only cover your home. The policy covers the bank's interest, not yours. For example, if your home burns down, the "forced placed policy" will not cover any damage to your contents.
What is a tracker mortgage?
follows bank of englands base line rate either up or down but its higher
What happens when you pay down principal on a mortgage?
When you pay down the principal on a mortgage, you are reducing the amount of money you owe on the loan. This can help you save money on interest over time and shorten the length of the loan.
What bank offers the best mortgage rates?
It appears to vary based on state, loan size, and down payment. Using Los Angeles, California, a 100,000.00 loan and 20% down as an example, Nation's Choice Mortgage has the lowest rate.
How does mortgage work?
Mortgage works the same as paying layaway. You put a percentage of the money down upfront, and pay a percentage of the remainder off each month to the bank plus accumulating interest.
What happens with an adjustable rate mortgage?
The monthly mortgage payments go up or down from year to year.
What is the current home mortgage rate offered by the Bank of Scotland online?
Home mortgage rates change often. The current mortgage rate offered by Bank of Scotland is 18%. They also provide ways of bringing down your mortgage rate with a refinancing.
What information is needed to used the Bank of America mortgage rate calculator?
The information needed to use the Bank of America mortgage rate calculator is the price of the mortgage (or cost), the percentage of the cost that will be covered by the down payment, the term of the mortgage (in years), and the state in which the applicant lives.
What happens if you lose home insurance and you are paying a mortgage?
If you do not get another policy the mortgage company will procure its own policy which will only cover your home. The policy covers the bank's interest, not yours. For example, if your home burns down, the "forced placed policy" will not cover any damage to your contents.
What is a tracker mortgage?
follows bank of englands base line rate either up or down but its higher
What happens if don't pay my bank loan?
they hunt you down
Where can I get mortgage payment protection insurance?
You can find insurance to cover your mortgage payments by going to the local branch of your bank and sitting down with a financial planner to see what options are available.
What happens when you pay down principal on a mortgage?
When you pay down the principal on a mortgage, you are reducing the amount of money you owe on the loan. This can help you save money on interest over time and shorten the length of the loan.
What happens to joe in blazing angels 1?
He Crashes in D-Day A Group of Fighters Sneaks up on him and Shoots him down he does not "crash"
What happens to the planes air speed when the throttle is opened wide?
When the throttle is opened wide, it accelerates down the runway.
What bank offers the best mortgage rates?
It appears to vary based on state, loan size, and down payment. Using Los Angeles, California, a 100,000.00 loan and 20% down as an example, Nation's Choice Mortgage has the lowest rate.
How does mortgage work?
Mortgage works the same as paying layaway. You put a percentage of the money down upfront, and pay a percentage of the remainder off each month to the bank plus accumulating interest.
