What happens to mortgages if the bank goes out of business and no one wants to buy them?
November 29, 2008
I feel that if a bank goes under the other bank buy? these mortgages. But with so many mortgages that exceed the values of homes, many bank could not wanting to buy mortgages. What would happen if a bank goes under, and nobody wants to buy their mortgages disgusting?
boilerette72
Posted by admin under blog | Comments (4)
Free houses!!!!
Comment by nom_nom_nom — December 1, 2008 @ 6:15 am
Someone would buy them but not for the total value. An investment firm would buy them for some low percent of their actual value and attempt to collect the debt. If they are able to, they would make a large profit. If they can’t, they are then the owners of the property.
Comment by jake69 — December 3, 2008 @ 4:07 am
Phone the bank tomorrow and ask what is happen get case # and operater
Comment by nztip — December 6, 2008 @ 4:33 am
It would not happen. Some other lender would purchase the mortgages, simply because there is value there. No bank has ALL crappy mortgages. Another lender(s) will analyze the quality of the ‘paper’ and make a decision what the entire package is worth, and would purchase same, perhaps for less than the actual outstanding amount.
Comment by acermill — December 7, 2008 @ 4:49 pm