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TJ, Esq.
TJ, Esq., Attorney
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if a bank goes bankrupt

Resolved Question:

i have a mortgage with indymac bank how does their bankruptcy affect my mortgage
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  TJ, Esq. replied 6 years ago.

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.

TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 9933
Experience: JD, MBA
TJ, Esq. and other Bankruptcy Law Specialists are ready to help you
Customer: replied 6 years ago.
I think what i really was worried about if the mortgage changes hands can they change the terms which i think are very good at the present.if the mortgage is 800 in interest and 200 in principle and i have a bad month i can send them half the interest as payment i'm aware that the other half gets added to the remainder of the loan but i like the flexibility
                             Thanks
                             John
Expert:  TJ, Esq. replied 6 years ago.
Whoever ends up with the mortgage will be bound by the terms that you agreed to. The contract cannot be changed simply because the new assignee prefers terms less favorable to you. If it doesn't like the terms, then it shouldn't buy the mortgage from IndyMac.

Therefore, if the mortgage documents state that you can send half the interest as payment, then the new assignee will have to accept it.

Good luck, and please remember to accept my post. Thank you!

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TJ, Esq.
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JD, MBA