What do I need to do if my Orlando Florida Lender goes out of business?
August 9th, 2007 by tisnerWondering what is going to happen to you now that your Lender is Kaput?
Wondering what is going to happen to you now that your Lender is Kaput?
Do not fret… don’t worry at all… in fact, get ready to make your September payment as scheduled. Just keep your eyes open for your letter regarding who will be servicing your loan from now on.
You see, many of the lenders that you are paying your monthly payments to are in fact only servicing your loan. They are not holding the note, but instead they are collecting and distributing funds for the actual mortgagee – typically an institutional investor.
Sometimes an investor will change their servicing agent and gets someone else to do it for them. So be ready for your next month’s payment. It will be due to someone even if your "lender" shut its doors.
For more details on what Loan Servicing entails, read Florida Mortgage | Loan Servicing ~ What Consumers Need to Know in this Market…