I'm wondering if homeowners face the possibility of having their loans ';called'; when they are held by a bankrupt institution. Is it wise to seek to pay off the loan with any holdings a person can gather so they own their house outright in today's market turmoil? What happens to mortgages held by failed banks? Do mortgagees have to pay up now?
No, the loans cannot be called. They will be assumed by a new lender under the same terms. Keep making your payments until notified of the assumption.What happens to mortgages held by failed banks? Do mortgagees have to pay up now?
Another bank will usually take over the home loan. Homeowners will not be forced to pay all their balance now.
the debt is still owed.
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