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If my old mortgage company ABN Amro received a bail out then sold my mortgage to Citi mortgage, who also received a Federal Bail

Spanaway, WA |

Out. Do I still owe money on my mortgage?

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Attorney answers 2


As long as you have not received notice otherwise, then you will have to continue to pay on the note that you signed. Obviously, there are options for refinancing, but when mortgages/loans are sold from one bank to another, the purchasing bank is paying for the mortgage/loan based upon the expectation that the borrower will continue to pay. Often they will pay less for the loan because there is a concern that the borrower will default. Nonetheless, the expectation is that you will continue to pay. The bailouts were made to assist the banks keep solvent because many homeowners could not or chose not to repay their loans. The bailouts were for the banks benefit, not the borrowers.

All that aside, your situation could be such that you could obtain some type of relief from the lender or some other programs. It might be worth checking with a reputable mortgage broker.

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I agree with the previous answer and if you want to keep the property you must pay the lender. If you fail to pay there are several programs to help settle the matter, but not paying and staying is not one of the solutions.
Good Luck

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