What happens to my mortgage now (it’s at Lehman!)?

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I have a mortgage with ALS (Aurora Loan Services) which is a wholly owned subsidiary of Lehman Bros… what will happen to my loan now?
I am at any risk? Can I refinance? Can I not pay back the balance of the loan?

1 Comment
  1. Reply
    Bill B
    February 1, 2011 at 4:29 am

    Most likely your loan will have its servicing rights sold to another servicer. You will receive a “goodbye” letter from ALS (if it gets sold) and a “hello” letter from the new servicer. The goodbye letter tells you to stop making payments to ALS and the hello letter says “I’m your new servicer for your mortgage, so please direct all payments and correspendence to me as of (a certain date).

    Don’t refinance because you’re scared. Refinance because you can get a better deal. You really have nothing to worry about.

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