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but, Citibank IS liable to pay Brigade, on behalf of Revlon. that is how loan servicing works.
by holtalanm 6y ago
but, Citibank IS liable to pay Brigade, on behalf of Revlon.
that is how loan servicing works.
- asdfasgasdgasdg 6y agoNo, I don't believe it is. The loan servicer for my mortgage is not liable to pay it on my behalf. If they accidentally transferred money to the bond holders for the loan, they would of course be able to retrieve it. I would be shocked if this is not reversed in court, unless there are some significant missing details from the story.
- IncRnd 6y agoIt's not as specious as you believe. Your bank can almost certainly call your mortgage loan at any time. From the other side, prepayment of a loan, even without communication, happens all the time.
- sgerenser 6y agoIn the US at least mortgage loans are not callable.
- IncRnd 6y agoMost mortgages in the US contain a provision that allows the lender to call the loan under certain conditions.
- asdfasgasdgasdg 6y agoIt's been a while since I read my mortgage note, but I believe the only condition under which it is callable is a default. Unless I've misunderstood what callable means in this context.
- IncRnd 6y agoYou've got the right of what callable means. After researching more about this, I have learned that some mortgages also have additional callable acceleration provisions to lower the bank's risk - such as when a borrower's credit score falls.