My mortgage company went bankrupt?

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My mortgage company went bankrupt, Litton Loan which recieves payment for this company says they will not except and will return any payments received, what are my options to sell?

  1. Reply
    Brian G
    April 29, 2011 at 10:51 pm

    If true…they will likely be taken over by RTC (Resolution Trust Corporation). They are a company that the government uses to take over mortgage companies when they go bankrupt or are closed for other reasons. RTC will service the loan until it is sold…likely to another mortgage company or to an Asset Management company.

    You should receive notification of what will happen next.

  2. Reply
    April 29, 2011 at 11:17 pm

    It is important to keep trying to make your payments as per your contract until a resolution is made and document it all, so that nobody can come back and say that you didn’t make your payments for several months and ruin credit.

    Sell at any time, but your title company may have to do a little extra work on your behalf

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