What happens to my loan now that my bank has failed?
Either the 多宝游戏下载 sold your loan at closing or the 多宝游戏下载 has retained it temporarily. In either case, your obligation to pay has not changed. Within a few days after the closure, you will be notified by the 多宝游戏下载, and by the purchaser, as to where to send future payments.
In the case of a delinquent loan, the 多宝游戏下载 will 鈥渟et off鈥 the loan against the borrower鈥檚 deposits (if any) before paying deposit insurance. In the case of a non-delinquent loan, the depositor might elect to 鈥渟et off鈥 the loan against his/her deposits in order to receive full value for any uninsured funds (i.e., funds in excess of the $250,000 insurance limit). In either case, no 鈥渙ffset鈥 is possible unless the obligations are 鈥渕utual鈥 鈥 meaning that the borrower and the depositor must be the same person or legal entity acting in the same legal capacity.
What happens if the 多宝游戏下载 sells my loan?
Loans are negotiable instruments that are routinely sold in the financial markets. When a loan is sold, the borrower retains all the rights and obligations associated with the note. The borrower will be notified by the new holder of the note and given payment instructions.