So if Citibank goes under....will it effect the mortgage I have with them?

[rainbow4321]

Or does everything just go on as if nothing happened to them? I googled my mortgage company and it says Citi-Mortgage is an affiliate of Citibank.

[stray cat]

1. My understanding is nothing will change -

[Double T]

2. Nothing happens except the remit to will change to: U.S. Treasury Bank.

[itsrobert]

4. How about my balance transfer balance for 1.9 Percent for life?

Will they raise the interest rate? I have been steady paying it down from 20,000 to now $5,000. At 1.9% I'm making out pretty good.

[ThomWV]

5. A contract is still a contract as far as I know

[Double T]

8. Some people get ALL the breaks and YOU are one of them.

1.9% for LIFE? Who do YOU know? Can YOU please have whoever YOU know please call me 'cause I want the same deal YOU have!!!!! From what I am seeing the U.S. Treasury Bank may actually pay YOUR interest for YOU; with your connections YOU can probably convince them to make your entire payment for YOU.

[Warpy]

3. No. Your mortgage has been sold and resold and probably

chopped into so many pieces nobody really knows who owns it any more. Citi is just the bank that is collecting a fee for servicing it, sending you that payment booklet and cashing your checks. If Citi no longer services your mortgage, somebody else will buy the contract and send you another payment book.

[benld74]

6. You will begin paying whoever bought your loan

Same thing happened to me on Wamu whos loans were purchased by JP Morgan. I now pay JPMorgan.

[napi21]

7. The only change you would see is who you make the check out to.

The contract you signed remains intact.

[KansDem]

9. It seems to me if you mortgage company screws up and goes belly up...

Then you shouldn't have to keep paying your mortgage. I mean, it's not your fault, is it?

I mean, why pay another company? It's not like you borrowed their money...

[cliffordu]

10. They just sell your loan to some other shark. Now you owe fat tony instead of

Louie the lip.....