Hi All,
I have a 15 year morgtage with "Washington Mutual".

My question is what happen if that company is going bankrupt ? Would
there be any problem with my existing mortgate ?


thanks for the tips


John

John wrote:

Hi All,
I have a 15 year morgtage with "Washington Mutual".

My question is what happen if that company is going bankrupt ? Would
there be any problem with my existing mortgate ?


thanks for the tips

Your mortgage is an asset that WM owns. It will be sold to some other
financial institution, and the proceeds will be used in the bankruptcy
settlement.

It's actually more involved than that, but most of it is paperwork.

--
Steve Bell
New Life Home Improvement
Arlington, TX

In article ,
"SteveBell" wrote:

John wrote:

Hi All,
I have a 15 year morgtage with "Washington Mutual".

My question is what happen if that company is going bankrupt ? Would
there be any problem with my existing mortgate ?


thanks for the tips

Your mortgage is an asset that WM owns. It will be sold to some other
financial institution, and the proceeds will be used in the bankruptcy
settlement.

It's actually more involved than that, but most of it is paperwork.

As an example of what Steve reports, look at what happened with
Countrywide. They operated in bankruptcy for a few days, then
were bought out by someone (BofA?). As far as us borrowers,
everything is still OK, and there have been no changes. Even
the payment address is still the same.

Do watch your mail in case they send out any letters with changes
in your loan or the procedures for making payments in the event
that something does in fact change.

-john-

--
================================================== ====================
John A. Weeks III * * * * * 612-720-2854 * * * * *
Newave Communications * * * * * * * * * * * * http://www.johnweeks.com
================================================== ====================

In article 059427e1-eb7a-47f5-95c2-
,
says...
Hi All,
I have a 15 year morgtage with "Washington Mutual".

My question is what happen if that company is going bankrupt ? Would
there be any problem with my existing mortgate ?

It will have no effect on you, other than who services the loan (and
perhaps how). To you, it's no different than someone buying the
loan from WM. There is a good chance that someone already has.

--
Keith