What the heck are REMORTGAGES??

And this new help for the mortgage industry sent mortgage interest rates plummeting to around 5-percent, the lowest in years. But with more and more mortgage lenders struggling or folding ... Concerns around the country and in the stateline are growing about the safety of our mortgages? And who really owns them? You might be surprised.

"Transferring your mortgage from one company to another could be common place in the future."

And as the economic crisis continues....more and more mortgage companies continue to fold.... a new study says over 80 percent of the companies that service loans.. don't actually own them ... So who does? Local mortgage advisor Terry Bloom says chances are.... its not the company you send your check to.

"Especially now more than ever.. you get a mortgage... You refinance or purchase in some cases the servicing company you're with right now sells that loan to another servicing company."

But if your loan is sold.. the company you send your payments to... is legally required to notify you of the switch at least two weeks before your payment in due.... so you know your mortgage is safe.

"The company that is actually selling your mortgage is called a good bye letter.. the company who is taking over has to send you a hello letter .. basically who we are and these are our phone numbers...If you did send it to the wrong mortgage company by accident without noticing where it needed to go, they do offer a 60 day leeway for you to get that straightened out ."

Bloom says you shouldn't be worried if you're mortgage is sold because the terms... Rate... And agreement you have will not *change.

Bloom says the average stateline homeowner owes 140-thousand dollars on their homes. Mortgage giants Freddie Mac and Fannie Mae have announced they will suspend all foreclosures until after the holidays . And if you have any specific economy questions head to wifr-dot-com, and send them to us. We'll check in with some local experts and get back to you.

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