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Mortgage lenders going out of business

 

The credit crunch and housing industry has forced many lenders out of business, how does this affect your mortgage?

 

The mortgage meltdown has forced many lenders out of business and resulted in over 80,000 lost jobs within the industry over the past 12 months. Many homeowners are under the assumption that if their mortgage lender goes out of business that they no longer have to pay back their mortgage, this is completely false. If your mortgage lender files for bankruptcy protection or is forced to close down then a trustee is appointed that is responsible for collecting the mortgage payments from their existing customers and working with the lender to help transition the servicing rights of that loan to a new lender. If you fear your lender may be forced to close down the best thing you can do is keep your cancelled checks and monthly statements to verify that all of your payments have been accounted for appropriately. If  you wish to dispute any of your payments this will help you to provide a paper trail with the new servicing agent for your mortgage.

1-10-2008 ? LoanNetwork.com

 

 

 

 

lenders out of business @ loannetwork.com

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