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.
If the information that I provided was helpful, please remember to ACCEPT my post as that is the only way I will receive credit and compensation for my answer. Thank you and good luck!
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.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).