What happens to my loan if my bank goes under? May 2, 2010
Posted by Banking in : Credit , 4commentsBrad asked:
I’ve got 3 car loans and 1 home loan. I don’t really need the car loans, but I have 0-3% APR and considering time value of money, is financially worthwhile over buying outright. Anyway, all together they are with 4 different banks/loan providers, and there is a good chance one or two of those will go under.
I’m guessing whoever buys the assets of the bank/loan company then get my future payments. Is this correct? Can the terms of my loan be changed? Can the loan be called? can anything change?
Can banks adjust your interest rate on a home loan without actually going thru the whole refinance process? March 3, 2010
Posted by Banking in : Renting & Real Estate , 5comments
In terms of today’s economy and given all the programs to help people keep their homes, I heard from someone that some banks are just modifying loans with high interest rates, by lowering them to 4 or 5%. Is this true? Is there a program like this avaliable?
This is in the case that someone is near or in foreclosure because of some financial hardship.Submited by:Chad G