So Countrywide is denying bankruptcy rumors... a question

[WilmywoodNCparalegal]

If CW goes bankrupt, where does my ex H pay his mortgage? I suspect that it would be bought off by another company, but what happens in the interim?

[RB TexLa]

1. To Counrtywide until someone buys the mortgage.

[Captain Angry]

Bankrupt doesn't mean out of business.

It means their creditors can't come after them.

They will be able to stay in business and will restructure to become profitable again. This will mean layoffs and sales of assets, etc.

They'll be fine.

[onehandle]

2. We get our houses FREE!

Wheeeeee!

[WolverineDG]

7. Wouldn't that be nice

:rofl:

dg

[TornadoTN]

3. He'll still make the payments to Countrywide untils its sold off

His mortgage most likely will not suffer any affects from the changeover aside from where he mails the checks. We have our mortgage through Countrywide and recently did a Refi and asked about their Bankruptcy rumors. One person we dealt with said "things certainly don't look good". Take that for what it's worth.

[n2doc]

4. Bankruptcy takes a while

You loan, as a "performing" loan, will be snapped up or sold off. I suspect at some point you will get a letter telling you who to send the payments to, but it will be no different than had Countrywide sold off your loan itself. Or Countrywide could declare bankruptcy and then reorganize, and you won't see anything different.

[HeraldSquare212]

5. What's amazing to me is that they are still advertising

someone thought maybe they had purchased a whole bunch of ad time and space way in advance and are now just let it run. Of course, if their model was making money on fees, I guess they would need to keep writing mortgages just to stay afloat.

[slackmaster]

9. Their model was much more than making fees on originations

They've always been actively involved in the secondary market.

In fact when I approached them about a refinance of an existing loan with them in the spring of 2003, they basically told me to pound sand. I used lendingtree.com to get several offers, ended up with a very good deal from MortgageSelect, which immediately sold my new loan.

To Countrywide.

[TomInTib]

10. Scratching head, here....

Crap like that just cracks me up.

House of cards...

[riverdale]

17. I did something similar

I had contacted Countrywide independently, outside of lendingtree, and they wouldn't give me a good rate.
I used lendingtree to shop hard for the best rate. The best rate came from lendingtree's own lending service, who immediately sold it ... to Countrywide.

[Javaman]

6. do you have a link? nt

[AlCzervik]

8. he keeps paying them until he gets something in the mail instructing him to do otherwise.

[Xenotime]

11. A free house would be really cool.

[Marrah_G]

12. It will be sold to another company

[karlrschneider]

13. Send them to me, I will guarantee in writing to never foreclose!

;-)

[zorahopkins]

14. Nigeria?

Some guy from Nigeria keeps emailing me to let me know that a distant relative of mine has died in a car accident, and that he left $24 million in a bank account.

If I just mail $1,000 to the guy in Nigeria, he will send me $20 million!!!

[Catherine Vincent]

15. Who gets the other $4 million? :)

[mountainvue]

16. He will have to keep paying his

mortgage to Countrywide.