Question by Goldy: If my mortgage lender goes bankrupt is it possible that I could buy back my own note for less? I know that the normal course of action is for those notes to be sold to another lender for a large discount but is it possible to benfit as an individual for the decreased value of my mortgage lenders asset? Best answer for If my mortgage lender goes bankrupt is it possible that I could buy back my own note for less?:
Answer by Joshua R
Does not hurt to try and redefine the terms of your loan but if they are going bankrupt they are going to press as well as cut deals. It all depends on how you handle it.
Answer by Landlord
The notes are sold in a huge bulk, they are not divided up into individual notes. They can not be sold as you are dreaming.
Answer by bob W
nice dream but if you had the money to buy your own mortgage you would have paid cash for your house at that time.
Answer by jaws21
Goldy- Unfortunately no, even if your lender goes bankrupt they will still service your loan and collect payment to subsidize their losses, or your loan can also be sold in the secondary market and just change lenders. Either way, the only way you can negotiate the price or value of your loan will be during foreclosure, which it seems you are not. Just keep on making your payments and the moment your are notified of a lender transfer make sure you keep good records, since the current lender has big room for errors, due to the bankruptcy they will cut their employees and things might not get recorded. Good luck
Leahcoss.ca Hi, everyone! How are you? It's Leah Coss with the Mortgage Center. I wanted to get a very common question out of the way real quick for you guys. And that is I've had a bankruptcy in the past, can I ever get a mortgage again? Quick answer, absolutely! Now, if you come to me and you say, "I have two previous bankruptcies." Well, now we're real limited but does that mean you cannot get a mortgage? Absolutely not! You can still get a mortgage, you just simply have different requirements than the average Joe. So, to quickly go through bankruptcies, if you've had a bankruptcy, not the end of the world. And no, it is not the seven year rule of bad luck where you cannot get any debt given to you ie lines of credit, credit cards, mortgages, things of that nature, car debts, car loans. You don't have to wait seven years before you can get that. You can get that right off the bat sometimes for some of those types of lending, OK? Obviously you can't get a mortgage right off the bat but you can get things like credit cards, whether it be unsecured or secured, it just depends on the person and what your situation is exactly. But from the point of discharge you can be getting a mortgage, a regular mortgage, meaning from a regular lender, this isn't talking about private. A regular mortgage in two years, OK? It's not seven years. The thing is though, if you want to be able to buy within two years of your discharge, you are going to have to find someone like myself or ...
mortgage-investment.blogspot.com Bankruptcy? Yes, You Can Get a Mortgage
Thu Jul 19, 2012 3:22am IST. (Reuters) - Residential Capital LLC, the bankrupt mortgage lending unit of Ally Financial Inc, has asked a judge for permission to pay as much as $ 17.8 million of bonuses and incentive payments to hold onto 191 key employees. ResCap eyes up to .8 million bankruptcy bonuses, payouts
There are various financial troubles which force you to apply for bankruptcy. Being a bankrupt, you become more depressed. However, when you need money in the middle of the month to meet your urgent financial expenses such as house repairing, broken car repairing, medical treatment bill, telephone bill, Electricity bill, grocery bills, credit card dues, mortgages, holiday, small birthday party, unplanned travelling etc then you start searching for external quick cash aid and take every possible step to get it as soon as possible. Generally, banks and traditional lender avoid giving loans to bankrupt people due to their doubtful loan repayment ability. So, in order to get cash immediately, you can apply for “payday loans for bankruptsâ€.
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Actually, payday loans for bankrupts are short term loans especially for insolvent people so that they may get immediate funds during the time of cash crunch.
These loans are unsecured in nature as you are kept away from the hassle of credit check and collateral placing against getting the loan amount. So, these loans have high interest rates. You are advised to pay the loan off on time to stay away from penalty.Â
The processes to avail payday loans for bankrupts are quite simple, hassle free, rapid, trustworthy and safe. As a matter of fact, these loans are offered on internet. To get these loans, you need to select an online lender. After that, you need to fill an online application form with some actual personal details such as your name, age, address, bank account number, telephone number, Email Id, occupation details, required loan amount etc and submit it on bankrupts loans. No faxing of documents or huge paperwork is required.
As soon as the loan is verified by the lender, the loan amount is instantly wired into your active checking account.Â
These loans, bankrupt people can solve their various financial urgencies. By repaying the loan in time, bad creditors can improve their credit value in the market.
Payday loans for bankrupts are ideal financial support for insolvent people during the time of cash urgencies. With these loans, bankrupt people can solve their various financial urgencies. By repaying the loan in time, bad creditors can improve their credit value in the market.
Recommend Payday loans for bankrupts ? fabulous financial back up for bankrupts Topics
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