I wonder how this will affect folks with CW mortgages? I have a 10 year fixed with about 4 years left.
Shouldn’t affect them at all. If CW goes under, someone will buy the mortgage and then they will be the ones cashing the check you send each month.
I would suggest that you keep your monthly statements; don't underestimate the ability of lenders to make errors (generally in their favor) when servicing gets transferred.
I just spoke to a friend of mine who just applied for a job with and was hired by CW here in Fla. I told him he can expect to be a hero or a zero and he agreed.
No effect. The mortgage note is an asset on their books; if Countrywide BK’s, then the notes are merely sold off to pay their creditors.
You’ll still have to make your payments, someone will end up buying up CW’s assets, most likely for a song if they go BK.