Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
Hello and thank you for allowing me to address your legal question.
Initially, your mortgage won’t be affected by IndyMac’s troubles. If the worst happens, and IndyMac goes out of business, then your mortgage will simply be transferred to another party. In other words, IndyMac will either sell your mortgage to a different lender in an effort to get some money, or if it doesn’t do so before going out of business, then your mortgage will likely go to the bankruptcy trustee, who will disburse the funds to creditors. I don’t think there could be a case where you wouldn’t need to repay your mortgage to somebody. At the same time, so long as you make your payments, there is no way for you to lose your home either.
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DISCLAIMER: Please understand that the complexities of most legal problems cannot be sufficiently addressed in this setting. Accordingly, my post is intended as general information only, and should neither be construed as specific legal advice, nor as an adequate substitute for the retention of legal counsel.