mortgage company just bought my house from themselve...

Submitted by volksladyjen from CO - 07/02/2009 - 5:03pm

mortgage company just bought my house from themselves for approx 45% amount due, what does that mean for me?

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Comments

Submitted by Anonymous - 07/15/2009 - 2:26pm

Did they forclose first?  If not, are you sure they just didn't sell the mortgage?
 
Unless they foreclose, they can't take the house.  If you filed bankruptcy, it discharges your debt, you don't have to repay the loan, but the mortgage company can exercise their lien on the property, forclose, and satisfy the debt by selling the house.
 
I'm not sure they could sell the mortgage to themselves, you need to contact a lawyer that specializes in real estate law.  But this sounds fishy, like their writing down the value of the loan for some purpose (for their benefit no doubt).  However, unless you default and they foreclose, you are obligated to pay the terms of the mortgage you signed, unless you file bankruptcy and it is discharged.

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