with all the stuff on Lehman Brothers Bankruptcy, Merrill lynch Sold got me to thinking about something?

what happens to those who has a mortgage with the bank that files chapter 7??

I have CitiFinancial and they have been in the news last night and this morning, so if they go under would I have a free house or does something else happen??

Another thing is WOW! on the banks still going under  :-/

If they went under, your mortgage would be either sold to another lender or investor (as would all the assets) or if Citi is just servicing your mortgage, another company would take over the servicing of it.

The only change you would likely see is that your payment might go to a new P.O. Box than it did before.

No free house, sorry.  

Nice try but flechero is correct.

Better luck next time.  ;D

Flechero is right.

Your mortgage note is the bank's asset (assuming that they are holding it and not just servicing it).  So when they go bankrupt their assets get sold to cover as much of their liabilities as they can.  So you're mortgage would be sold to a different bank and you'd get a notice of assignment of your mortgage with a new coupon book and your monthly payment would not change.

Hmm, OK.

was wondering how they did it.  thought they could take your house and car to sell :-?

No different then if a farm goes bankrupt. They sell basically everything you own (assets) to try and get what money they can.

A bank would do the same only your loans are their "assets".

Speaking of the Stock Market, does anybody play around with "fake" money.  I use investopedia.com.

I made 20k since Friday on short stock AIG.

Speaking of the Stock Market, does anybody play around with "fake" money. I use investopedia.com.

I made 20k since Friday on short stock AIG.

With REAL bought 20k shares of WAMU this morning for $1.70 each holding it until tomorrow and I am going to dump it as the market opens.  Risky, don't try this at home folks!

Hopefully, I can buy that duck boat, but my wife is going to make me buy something for the remodeling of the house!!!  >

Nice with the iron stomach.  I'm crazy, but man, are you coming out ahead long haul with that stuff?  If you are - kudos, because it takes a lot more research than I can deal with.  I consider "short term" stuff as a quarter by quarter thing.  I don't have the skills to do what you are doing.  Wow.

if they go under would I have a free house

he he he.....  as previously stated, some entity will buy your debt.  No doubt for pennies on the dollar,  but you will make the same payments every month.  Debt is like dandruff.  It kinda stays with you.

Speaking of the Stock Market, does anybody play around with "fake" money. I use investopedia.com.

I made 20k since Friday on short stock AIG.

With REAL bought 20k shares of WAMU this morning for $1.70 each holding it until tomorrow and I am going to dump it as the market opens. Risky, don't try this at home folks!

Hopefully, I can buy that duck boat, but my wife is going to make me buy something for the remodeling of the house!!! >

That takes some brass, dude!  But if you sold right away, you make some nice bank!  Congrats