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Please help,
My loan was purchased by a private investor 6 months ago. This same investor supposedly purchase many more as well. Do I have the right to know what the investor paid. I'm affraid I will loose the house. In addition, I currently have a home equity line and an adjustable rate that is going to reset. the house was purchased for 500k and is now worth 350k --and declining. what could happen. every one that I turn to for advice says nothting more than "dude, that sucks man." I appreciate the conforting words and all, but I need real guidence. The house is in Gilroy CA. Sorry if I came to the wrong board.
God bless for any help
signed
scared as hell.
BTW: my credit scores are in the 8's
I guess i went to the wrong place.
Sorry.
Almost all loans are ultimately purchased by an investor. Some of the investors are other commercial banks, some are private equity groups, some are real estate investment trusts.
Having your loan bought by a private investor doesn't put you at increased risk of losing your home as long as you make your payments. If you become delinquent, then you are at risk of foreclosure regardless of whether the investor is a private party or an investment bank.
Also, it doesn't matter what they purchased it for....this doesn't affect what you paid and what you owe on the property.
Good Luck!