If Countrywide goes belly up...I think I should not have to pay my mortgage

[greenbriar]

?


its only fair

[Booster]

1. I'm with you. I'm with Countrywide also. But you know our

trusted government will bail them out with our tax dollars, which means you and I will pay for that also.

[SammyWinstonJack]

2. Good luck with that.

;-)

[mrreowwr_kittty]

3. You don't have to pay your mortgage. You don't have to keep your house either. nt

[jkshaw]

4. Is Countrywide ready to go belly up?

We have our mortgage with them, too.

[SammyWinstonJack]

8. They'll just sell your mortgage to some other "trusted" mortgage company.

Not too worry.

[Wcross]

16. It has already been sold, probably a month after it closed. n/t

[npincus]

5. LOL- me, too.

[EmperorHasNoClothes]

6. The government will bail out Countrywide.

They will NOT bail out a common citizen. Of, by, and for the corporations, Et corporatus unum.

[PA Democrat]

17. Yeah, and the CEO of Countrywide was of of the highest paid CEOs in the country.

I think it's about time for a little "personal responsibility" for greedy irresponsible CEOs.

[Clear Blue Sky]

7. Good luck. Let us all know how it turns out...

[SammyWinstonJack]

9. ...

:evilgrin:

[sam sarrha]

10. i'll probably miss that reply.. living in our Ford escort on the street, with mom, wife & 2 dogs

[NC_Nurse]

11. Sounds good to me. i have three mortgages with them.

;-)

[TwixVoy]

12. Someone will buy the debt

You can actually sell debt to someone else.

[bemildred]

13. Well, you don't have to now, but you don't get to keep the house. nt

[MadHound]

14. If Countrywide goes belly up, two things can happen

The first, and best option is that Countrywide will sell your mortgage to somebody else, and you keep making your payments to that particular entity.

The second is that Countrywide calls in all of its outstanding mortgages, including yours, and you will have to pay up the full amount or default on the mortgage and lose your house.

[Rosemary2205]

26. They CAN'T call it in early (foreclose) unless you default.

The loan is a contract. I've read mine, they can only demand payment of the balance in full (foreclose) if I miss a payment. The laws allow some loans to be re-negotiated at will by the lender (such as credit cards) but mortgages can only be re-negotiated by the lender if it's in the loan contract - which is limited to adjustable mortgages. I have yet to see a fixed mortgage with a clause allowing it to be re-negotiated by the lender. This why they pushed alternative loans so heavily.

[MadHound]

27. Read the fine print

Many mortgage contracts have a small print clause allowing banks to call in the full amount at will. This is part of what was so devastating about the Great Depression, banks started going under and called in all their mortgages. People were made homeless in a day.

Some lenders still practice this, some don't. Read the fine print.

[Rosemary2205]

30. I've yet to see a fixed with that kind of fine print.

I've seen a lot of them. I've seen alternative loan products with those clauses, but not one fixed. Never. For 15 years I worked weekends for a mortage broker. With the "fancy" loans they are packed with print that give the lender the right to screw the pooch. The reason they started pushing all these loans in the first place is because there is much less law governing what the bank can do than on fixed loans. Now that alternative loans have hit the fan either governments will put the smackdown on those too or they'll be outlawed outright. Time will tell.

[Lex]

31. No, "most" mortgages are not "at will" debts. Most can only be accelerated

if there is a default by the mortgagor.

[Wcross]

15. Good luck on that!

Your home is the collateral for the mortgage you signed up for. You either pay it in full or you lose it. Countrywide no longer holds your debt, it has been sold as part of a package of loans to investors. They will expect payment or the home.

[greenbriar]

18. of course I know I will continue to pay

I am just saying

[Warpy]

19. Good try. If the deal goes through with BofA

you'll just be writing your checks to them instead of Countrywide.

[lonestarnot]

20. I thought that was already done?

[Warpy]

21. No, they've offered to buy and the offer has been accepted

but all the legal stuff hasn't quite gone through.

[lonestarnot]

24. Thanks Warpy.

[YellowRubberDuckie]

22. YEah...

You getting your house for free is right. :eyes:
They'll sell it to someone else to service for pennies on the dollar, and you'll go on paying your mortgage. Hopefully the next company will actually know how to run their business and you'll no longer hate your mortgage company. I wish everyone had their loans serviced by my company.
Duckie

[Orwellian_Ghost]

23. They are a corporation

you are a citizen

You have no rights

they do...

Rise Up

[ThomWV]

25. So, you don't feel morally obliged to do what you have promised?

Or did someone have a gun at your head when you signed the agreement to repay the loan?

[seabeyond]

28. thats stupid

and i love you anyway, lol

hey dont get why you posted this but.... nah. doesnt work for me

[BigDaddy44]

29. Fair? Why is it fair?

How have you been harmed if Countrywide goes bankrupt?

[Lex]

32. If you go belly up, you (your estate) still has to pay your mortgage.

If they go belly up, you still have to pay your mortgage.

[SoCalDem]

33. Just send them a letter telling them you are doing a "write-down"

just like THEY do :)