I heard just today 7/11/08 that Indymac Bank closed, or crashed or something. Theoretically, if i owe a mortgage on a house through Indymac bank, because they went belly under i no longer owe them. Is this true? I heard that no one will want to buy the bank because they are in so much debt. Is that true? please post answers along with some evidence. So that i know its not an opinion.
ummmm when you total your car and you still owe money on it you still have to pay for that, right? this is what i don't understand.there should be a law requiring ALL potential homebuyers to take a class on finance before they sign their souls away on a mortgage. of course you still owe the money!! and most likely the same people will be working the phones, working the paperwork and holding your hand while this transitions.
The mortgage will still need to be paid on. They will auction all assets and hand that money to the creditors that are owed.
WTF? There is no free lunch!! Your loan has already been pre-sold to a giant packager of loans who will sell them to Wall Street, (securitization) A servicer, payment collector, will contact you to let you know where to continue sending your payments to If I were you I would keep a very tight paper trail of monthly payments. Maybe even walking them down to the brick mortar branch itself, if they let you make payments that way
from what I understand, Indymac has not closed, they are not accepting new mortgage applications. Depending on whether or not they have sold your loan to a servicer, you may still have to pay indymac, and make no mistake, you still have to pay your mortgage. even if they went belly under, they could sell your mortgage to a servicer, legally, and you would have to pay the servicer. There is a 15/15/60 day rule in place by the federal governement. If indymac sells your loan, they have 15 days to inform you. the servicer has 15 days to send you a hello letter, informing you that company x is now servicing your loan, you can pay indymac for 60 days without being penalized. hope this helps
