If the bank from which we financed our house goes bankrupt, will we lose our house?

We have a 30 year fixed FHA loan through GMAC.

If they go bankrupt, will we lose our house?

Update:

can the new bank change our financing terms?

2 Answers

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  • 1 decade ago
    Favorite Answer

    No, you will keep paying until notified as to who takes over the loan.

  • 1 decade ago

    You shouldn't. When a financial corporation goes bankrupt, other companies (or in some cases now the government) will buy your mortgage from them. The place that you send your payments to may change. The way the bill is written may change. Don't be scared. As long as you keep paying whoever has your loan, you should not lose your house.

    Good luck!

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