Chosen by Asker

That is the last thing you should worry about! Your property will be perfectly safe even if your lender goes bankrupt. Because banks use the funds in their deposit base to fund loans then they turn around and sell them to Wall Street for a small profit and to replenish their funds. Then they repeat the process again and again and again...Afterwards, for a small monthly fee the banks collect the monthly mortgage payments on behalf of their investors whom they have sold their loans to. So, E*Trade is just the middleman between you and Wall St. If E*Trade goes bankrupt you probably wont be able to draw any available credit that you may have left on your line of credit, but you still owe the balance to the "Holder of the note" who will find someone else to collect payments on their behalf.

by GM

3 months ago

Asker's Rating: 

the loan will be transferred by the bankruptcy court to another institution. You will be notified if this happens.

by americanfreeman- 3 months ago

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by Mcsmith Brown- 3 months ago

There is no danger to you or your home, as long as you are making your payments. Etrade will either sell it to another servicer or a servicer will be appointed by the court. My question to you is can you afford to close this out? I ask since closing this out may be a very good thing for your credit. If you have a line, remember on thing, the credit bureau's report your potential on the line, now what you owe. For example, if you have a 100k line, but only owe 10k, the bureau's look at this as a negative since you potentially can take out another 90k. Heloc's have a purpose, but they are meant to be closed out quickly as well. Depending on when you took out your line, it could be old and may not have some of the new features. Some lines have lock in features now, where you can lock the rate of a draw you take out. If you can close it out and wait a few months, it would do wonders for your credit, good luck

by Jeromy W- 3 months ago