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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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.