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The mortgage I have on my house is held by a Lehman Bros. company. It's called Aurora Loan Services. If Lehman goes out of business does anyone have any idea what happens to my mortgage? I know I'm still responsible for it but I'm worried about it getting caught up in all that goes down with Lehman and payments not being credited and my credit suffering because of their huge problems.
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No one "goes out of business"... the operations continues for several months until its trasitions to another party. So keep paying your mortgage else you will be forclosed on ...
You'll still have a record from your bank of all of your payments, so you don't need to worry. Worst case, you get dinged on your credit and have to get it fixed. But with everyone else's credit going up in smoke all around you, you are going to end up in a much stronger position than most people.
Your credit still remains intact... no effect ! why should there be? The back office operations at Lehman will continue regardless what you hear/see going on.
Somebody will end up with the account. They won't just let it disappear. Don't worry, they will still come to extract your money=)
You will mwant to make copies of your payments.. and keep good documentation of your payments, especially if mailed in. If mailed in, make sure the payments are certified, in case they get "lost" in adminsitrative mud. That way you can prove you are not late.
Absolutely nothing will happen to your mortgage. It will be business as usual. I know because my original lender was taken over by Chase last year.
If one thing is true, it is that the little guy's debt will never ever ever be forgotten.
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