Comments on: When Mortgage Company goes out of business http://moneyning.com/mortgage/when-mortgage-company-goes-out-of-business/ A personal finance blog where we share insights on carefully saving money, investing, early retirement, mortgages, stocks because the little things matter in achieving financial freedom! Sat, 21 Nov 2009 08:01:45 -0800 http://wordpress.org/?v=2.8.6 hourly 1 By: MoneyNing http://moneyning.com/mortgage/when-mortgage-company-goes-out-of-business/comment-page-1/#comment-8091 MoneyNing Tue, 29 Jul 2008 00:22:21 +0000 http://blog.davidmillions.com/2007/03/when-mortgage-company-goes-out-of-business/#comment-8091 Jack: Dig out your original loan contract and find the contact information there. I would start there and explain your situation. Also, I'm sure other people have used the same mortgage company. I would google the mortgage company or PO box address to see if there are some suggestions to resolve your situation. If nothing shows up, I can ask around for you but let me know. Jack: Dig out your original loan contract and find the contact information there. I would start there and explain your situation. Also, I’m sure other people have used the same mortgage company.

I would google the mortgage company or PO box address to see if there are some suggestions to resolve your situation.

If nothing shows up, I can ask around for you but let me know.

]]> By: Jack H http://moneyning.com/mortgage/when-mortgage-company-goes-out-of-business/comment-page-1/#comment-8088 Jack H Mon, 28 Jul 2008 22:43:39 +0000 http://blog.davidmillions.com/2007/03/when-mortgage-company-goes-out-of-business/#comment-8088 What happens to the loan when the mortgage co disappears? Last year the co sent me a letter wanting to settle at discount to the original, I could not do it at that time. They told me to continue with the payments at a P.O.box number. This months payment was sent and returned as not deliverable and no forwarding address. What should I or can I do? What happens to the loan when the mortgage co disappears? Last year the co sent me a letter wanting to settle at discount to the original, I could not do it at that time. They told me to continue with the payments at a P.O.box number. This months payment was sent and returned as not deliverable and no forwarding address. What should I or can I do?

]]> By: MoneyNing http://moneyning.com/mortgage/when-mortgage-company-goes-out-of-business/comment-page-1/#comment-710 MoneyNing Wed, 27 Jun 2007 05:07:40 +0000 http://blog.davidmillions.com/2007/03/when-mortgage-company-goes-out-of-business/#comment-710 rok: This is great information that I did not provide which can help readers! Thank you! I should have put this information into the piece also when I wrote it. So it sounds like it's a better business if mortgage companies act as a middle man and not really hold any notes. Otherwise they will be tied to the risk of people defaulting etc. rok: This is great information that I did not provide which can help readers! Thank you! I should have put this information into the piece also when I wrote it.

So it sounds like it’s a better business if mortgage companies act as a middle man and not really hold any notes. Otherwise they will be tied to the risk of people defaulting etc.

]]> By: rok http://moneyning.com/mortgage/when-mortgage-company-goes-out-of-business/comment-page-1/#comment-709 rok Wed, 27 Jun 2007 03:46:36 +0000 http://blog.davidmillions.com/2007/03/when-mortgage-company-goes-out-of-business/#comment-709 The note generally gets sold to an investor. COnforming loans get sold to Fannie and Freddie and Non-conforming loans get sold on the open market. Most of the time, the lender who originated the loan doesnt even hold the note, they only service the loan on behalf of the investor. Technically you owe someone else the money. Loans that are not sold to the quasi government institutions like Fannie Mae are packaged into a Security instruments and sold on the open market to large investors. Some are held or shelved by the original mortgage company, usually the banks that do lending hold at least some of their loans. Either way the entire package of loans is an asset almost as liquid as cash and can be bought and sold many different times without the customer who borrowed the money even knowing. You are correct, just thought I would elaborate. Its late so please excuse the spelling. The note generally gets sold to an investor. COnforming loans get sold to Fannie and Freddie and Non-conforming loans get sold on the open market. Most of the time, the lender who originated the loan doesnt even hold the note, they only service the loan on behalf of the investor. Technically you owe someone else the money. Loans that are not sold to the quasi government institutions like Fannie Mae are packaged into a Security instruments and sold on the open market to large investors. Some are held or shelved by the original mortgage company, usually the banks that do lending hold at least some of their loans. Either way the entire package of loans is an asset almost as liquid as cash and can be bought and sold many different times without the customer who borrowed the money even knowing. You are correct, just thought I would elaborate. Its late so please excuse the spelling.

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