So....You Have Your Mortgage with Ditech....

By
Real Estate Agent with EXP Realty 414-525-0563 57026-90 Broker

.Soooo...you have your mortgage with Ditech and you are confused about the mail you are getting ?  Some of our Buyers called this week unsure what they should do.  Ditech has filed for bankruptcy for the second time in 14 months. No...it doesn't mean that you don't owe your mortgage...sorry. From time to time...Mortgage companies go out of business and can't be "saved" by Bankruptcy.  

      Continue to pay your mortgage ...and a new company will purchase your mortage under the same terms you had with Ditech.

      Some of the mortgages may have been intiated directly by the borrower while others may have been the lender that a morgage banker sold the mortgage to at some point.

     Your payments are safe....and the mortgage will continue with another lender unril it is paid in full.

     This has been a informative financial post brought to you by Sally K. & David L. Hanson, Broker Associates with EXP Realty honored to be serving southeastern Wisconsin for all things real estate.

Posted by

Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Ambassador
3,781,291
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Sally and David - good advice for anyone holding a mortgage through Ditech.  Hopefully no one will just not pay. 

May 25, 2019 06:45 PM #1
Rainmaker
2,832,753
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Dorie.

I wonder how they got by with filing for bankruptcy twice in 14 months?  Oh well

May 26, 2019 03:14 AM #2
Rainmaker
1,406,242
Kat Palmiotti
Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

I can imagine there would be some confusion if a bank you're sending checks to was going out of business/bankrupt. Good reminder that home owners need to continue to send those checks in.

May 26, 2019 04:27 AM #3
Rainmaker
2,981,712
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Hi Sally.... I had not heard this about Ditech. Interesting that they filed for banruptcy twice in such a short period... not totally sure how that happens. Great reminder that people's loans are not forgiven in these situations.

May 26, 2019 05:40 AM #4
Ambassador
3,918,477
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Hi Sally and David:

This was news to me but certainly important information for those with mortgages at Ditech!

Jeff

May 26, 2019 11:59 AM #5
Ambassador
3,746,436
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Sally and David, bad news for the lender does not mean good news for the borrower

May 26, 2019 02:47 PM #6
Rainmaker
3,192,433
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

True George Souto  but we have had buyers call and ask if they should be looking for new lender...nope.

May 26, 2019 02:51 PM #7
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Rainmaker
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Sally K. & David L. Hanson

WI Realtors - Luxury - Divorce
For All Things Wisconsin Real Estate...Call the Hansons
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