Who will own them? We still owe 15 years on ours... will it even matter? We have a fixed rate conventional loan. Can we discuss some probabilities?
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Good question. On my mind, too.
I have asked trusted financial planners and other financial professionals in banking.
Apparently, unless there is some sort of jubilee, someone will always own your debt... it may change owners, but it will still be there.
Best to keep a copy of recent balances, rates, etc. So, make sure you have your monthly statements that show the accurate status.
If your mortgage lender (current holder) fails, be sure to proactively try to find out what entity is taking it over, if you can.
I wish I had happier news... but that's my understanding of the situation. Who knows, though... maybe there will be a total debt jubilee and we'll all be able to take on more new debt : ) (just kidding)
They created an illusion, that of lenders and borrowers, when in fact, when you apply for a "loan" it is really a credit agreement, they simply type the numbers into a computer, creating that money from your signature (a promise to pay back plus interest). So in reality, if that "loan" is cancelled, nobody has lost anything you have gained maybe a house or car and the loan is paid. It would be a one time action. How else can one system be scrapped and a new one started ? The current one is FUBAR there is no way the gross global debt can be repaid, it's only the banks making money today, the wealth is only flowing upward.
A Hard stop appears imminent. Be aware and be prepared,
You get it. It's a little c9mplex but this is it.
yes, Thanks, it's a short version with much detail omitted to keep it as simple as possible.
They cannot just turn over your contract to another bank. If you pay only 1 payment you have agreed to their terms. If it goes to court the new bank must prove you have a contract with them.
This might be a loophole that most people are not aware of. I for sure am not, but I'll look into it.
Usually in bankruptcy--which is what the mortgage lender would declare if it goes belly up--another similar organization comes in and buys those contracts, and you receive a notice that your servicer has changed.
School loan servicers do it all the time (although not because of bankruptcy).
I'll poke into it and see what I can learn. Do you have any suggested resources to start with?
You think old system. This isn't how it will work.
Another good post. All mortgage contracts are fraudulent and the contract itself is patented.
Remember CDOs ? A rigged game invented to use piles of people's mortgage debt contracts and play their financial games with them, ramping up the value and trading them on the markets, Their scheme completely ignored the laws regarding registering the titles and deeds, They invented a system called (IIRC) MERS Mortgage Electronic Registration System, when the investments were subject to scrutiny, Many home owners could not obtain the title on their property because they didn't know who had bought their debt.