What will happen to my home loan if WaMu closes or gets bought?
Home Mortgage
dangergirl416 asked:
I have my home loan, home equity, checking and savings accounts at WaMu. I know my checking/savings in insured by the FDIC but I am concerned about my home. Is it safe?
Scott
I have my home loan, home equity, checking and savings accounts at WaMu. I know my checking/savings in insured by the FDIC but I am concerned about my home. Is it safe?
Scott
March 23rd, 2009 at 3:47 pm
Annie
Nothing. The loan continues in existence. It will probably be transferred to another lender.
March 25th, 2009 at 10:55 am
Jamie
Your home loan would get bought up by another bank. For instance, Bank of America would buy it from WaMu. Often at a discount, but that has no roll down effects to you. They’ll contact you and tell you the loan has been sold and where to send your monthly payments.
March 28th, 2009 at 3:20 am
Sean
YES its safe….. If WaMu fails another lending institution will purchase your mortgage… Your mortgage is an asset so someone will buy it…. then a letter will come in the mail to let you know who bought it…. Your perfectly safe and your mortgage particulars wont change….
March 30th, 2009 at 9:53 pm
Agnes
Wamu is currently trying to sell itself to another bank. This bank would then assume your mortgage and equity loan. Until then, just keep making your payments to Wamu as normal.
Your checking and saving accounts will also be OK so long as their balances are under $100. This is covered by the FDIC.
The only thing that might hiccup is when your accounts switch over to the new bank. You might lose online banking for a week or so - but your money will be safe and accessible via normal means (checks, ATM, teller.)