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OK this is unlikely to happen in my case because my bank is actually in the news as one of the banks who are buying the others out instead of one of the ones going under or getting bought....but anyway.
Lets say I had a loan or other debt through my bank and they tanked due to this predicament we seem to be going through....would I be liable for this debt any longer???
Yes. That debt is considered an asset to the purchaser. It is your liability, their asset.
Correct. And regardless of whether it is the government that takes your bank over or another bank, those bank assets are critical and every effort would be made to collect on that asset.
OK this is unlikely to happen in my case because my bank is actually in the news as one of the banks who are buying the others out instead of one of the ones going under or getting bought....but anyway.
Lets say I had a loan or other debt through my bank and they tanked due to this predicament we seem to be going through....would I be liable for this debt any longer???
I have no idea and I worked for a number of banks, Chase and Wamu being two of them. I don't think they are going to give you a get out of debt free card. I guess some other bank would buy their debt but in this economy it would be very unlikely. You would just have to wait and see.
I have no idea and I worked for a number of banks, Chase and Wamu being two of them. I don't think they are going to give you a get out of debt free card. I guess some other bank would buy their debt but in this economy it would be very unlikely. You would just have to wait and see.
If no private companies came in to buy them, the government would have to force them to liquidate and hold those insolvent assets as collateral. I think.
I have no idea and I worked for a number of banks, Chase and Wamu being two of them. I don't think they are going to give you a get out of debt free card. I guess some other bank would buy their debt but in this economy it would be very unlikely. You would just have to wait and see.
The question was answered perfectly correct in the above posts. Don't people read before they post? you have no idea, and the question was already answered.... I don't get it..... Don't post after quest was answered correctly....!
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