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Your loan can be sold at any time. There is a secondary
mortgage market in which lenders frequently buy and sell pools
of mortgages. This secondary mortgage market results in lower
rates for consumers. A lender buying your loan assumes all
terms and conditions of the original loan. As a result, the
only thing that changes when a loan is sold is to whom you
mail your payment. If your loan has been sold, your existing
lender will notify you that your loan has been sold, who your
new lender is, and where you should send your payments from
now on.
If your lender goes out of business, you are still
obligated to make payments! Typically, loans owned by a lender
going out of business are sold to another lender. The lender
purchasing your loan is obligated to honor the terms and
conditions of the original loan. Therefore, if your lender
goes out of business, it makes little difference with regards
to your loan payments. In some cases, there may be a gap
between the date of your lender's going out of business and
the date that a new lender purchases your loan. In such a
situation, continue making payments to your old lender until
you are asked to make payments to your new lender.
If you have questions just ask! You may contact Virginia Mortgage Bankers, LLC
for your mortgage questions by email, phone or by appointment
at Virginia Mortgage Bankers, LLC.
Start now by filling out our
secure online application for
mortgage loans! Call us at 804.282.8808, Monday through Friday from 9 a.m. to 5 p.m. Eastern time
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