Thursday, June 10, 2010

What happens if a bank you have a loan with goes bankrupt?

what happens if there is land motrgaged? or if there are F.Ds used to secure the loan?


KEEP PAYING AS SCHEDULED. YOU ARE PROTECTED AS LONG AS YOU KEEP PAYING. YOU WILL RECEIVE NOTICE SOON AS TO WHO TAKES OVER THE LOAN AND WHERE TO SEND YOUR PAYMENTS. UNTIL THEN, KEEP PAYING THEM THE SAME WAY.

Your loan survives. It is an asset on the bank's books. It will be assumed by another lender.

Your debt will be sold to another company as part of the assets of the company.

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