Thread: what would happen if your mortgage lender went under?
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Unread 14 Mar 2007, 07:31   #9
Dante Hicks
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Re: what would happen if your mortgage lender went under?
The main question has been answered but to re-emphasise : You're worth more to your mortgage company (whomever it is) as someone paying off a loan, than whatever share of equity they "own" of your house (or you should be). Repossessing someone's house and then selling it at auction would leave everyone worse off - this is why repossessions are still quite rare, banks want you to pay back your loan, not have the headache of evicting you and then selling your house.

Ignoring anything else, in this country at least (not sure about the US) there would be massive state intervention if it looked like large numbers of owner occupiers were about to be made homeless suddenly through no fault of their own. Loans would be underwritten or bought by the government or something similar.
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