QUESTION
What happens if your mortgage bank sells your mortgage to another bank/financial institute a few weeks before the sheriff sale?
Asked on Oct 12th, 2012 on Foreclosures - Florida
4 ANSWERS
Civil Litigation Attorney serving Federal Way, WA
at
Stasch Law LLC
Update Your Profile
It depends on why they did it and if they did it properly. It could have serious consequences to the bank, if it was done to cover up mistakes. It also might be that the loan was transferred to different servicer, not a bank. You should have a lawyer look at it.
Answered on Oct 17th, 2012 at 12:49 PM
1 Award
Normally, that doesn't change a thing. Banks sell their loans to others all the time. New bank steps into the shoes of the former bank.
Answered on Oct 16th, 2012 at 6:56 PM
Criminal Defense Attorney serving Deltona, FL
at
R. Jason de Groot, P.A.
Update Your Profile
The mortgage is sold. It does not affect the final judgment. It is just sold. Whoever purchases it may not be too bright.
Answered on Oct 15th, 2012 at 2:31 PM
Insurance Litigation Attorney serving St. Petersburg, FL
Partner at
Gallagher & Associates Law Firm, P.A.
3 Awards
It looks as though the bank may have assigned the judgment and the mortgage. The recipient bank/lender would have the same rights under the mortgage/judgment that the initial bank/lender had, including the right to a foreclosure sale, payment to satisfy the judgment and a deficiency judgment. The new owner can proceed with the sale. It's important to note that the assignment must be reflected in the foreclosure lawsuit and the style of the case amended to reflect the new bank/lender.
Answered on Oct 15th, 2012 at 2:31 PM