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Posts: 185
Location: Mendota Heights, MN | I was wondering if anyone knows what happens if the loan holder/bank that you financed your boat through goes under, what happens to your loan and payments?
Steve |
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Posts: 129
Location: Glenmoore PA | I think if the bank was insured by the FDIC you keep making your payments. I saw this on the FDIC website the other day. I copied and pasted it here.
"If you had a loan with the bank, you should continue to make your payments as usual. The terms of your loan will not change under the terms of the loan contract because they are contractually agreed to your promissory note with the failed institution. Checks should be made payable to FDIC as Receiver of the bank and sent to the same address until further notice. If you have further questions regarding an existing loan you may call 1-877-894-4713. " |
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Posts: 4053
Location: Land of the Musky | Also I believe those loans and other assets are sold to other financial companies. Just like if you go under, your house is sold by the bank. In this case the bank is sold by the government. If it get really bad I just hope most of our financial institutions do not end up being owned by more non-US companies.
JMO
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Posts: 617
Location: Clintonville, WI | All points above are correct............you are not relieved of your financial obligation. Your loan will be owned by/the responsibility of another financial instituion, including governmental entities such as FDIC. |
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