Do I still have to pay my mortgage if my bank fails?

My Mortgage got sold to a company I know nothing about. So if it should happen to go under
do I have to keep paying my mortgage, and how does that work?

my mortgage was, don't remember who with now. But what they did was send me a letter and new booklet of payment coupons, all else amount, interest, payment terms the same.

I have heard that as it gets sold around, each company doesn't haven't to up hold the terms of Original company.

I think that's where a lot of people got in trouble.

you agreed to in the original Promissory Note you signed when the mortgage was created.

the other day, someone asked this same question on one of their money shows. The answer was a resounding YES. Do not fail to meet your mortgage obligations. Then, when another financial institution looks over the loans, so they said, your will be snatched up because of your good record. There may be some differences between your new mortgage and your old one, so read the fine print. Good luck. You are lucky to have a house.

your mortgage would be sold to another bank.

Lost In The Paperwork? Banks Can’t Prove They Own Homes
Joe Lents hasn’t made a payment on his $1.5 million mortgage since 2002.
That’s when Washington Mutual Inc. first tried to foreclose on his home in Boca Raton, Florida. The Seattle-based lender failed to prove that it owned Lents’s mortgage note and dropped attempts to take his house. Subsequent efforts to foreclose have stalled because no one has produced the paperwork.
“If you’re going to take my house away from me, you better own the note,” said Lents, 63, the former chief executive officer of a now-defunct voice recognition software company.
Judges in at least five states have stopped foreclosure proceedings because the banks that pool mortgages into securities and the companies that collect monthly payments haven’t been able to prove they own the mortgages. The confusion is another headache for U.S. Treasury Secretary Henry Paulson as he revises rules for packaging mortgages into securities.
“I think it’s going to become pretty hairy,” said Josh Rosner, managing director at the New York-based investment research firm Graham Fisher & Co. “Regulators appear to have ignored this, given the size and scope of the problem.”
More than $2.1 trillion, or 19 percent, of outstanding mortgages have been bundled into securities by private banks, according to Inside Mortgage Finance, a Bethesda, Maryland-based industry newsletter. Those loans may be sold several times before they land in a security. Mortgage servicers, who collect monthly payments and distribute them to securities investors, can buy and sell the home loans many times.

http://www.talkbx.com/tag/banks-lose-paperwork-proving-property-ownership/
http://fredfryinternational.blogspot.com/2008/03/requiring-banks-to-produce-paperwork-at.html
http://livinglies.wordpress.com/2008/06/20/foreclosure-defense-lost-mortgage-notes-nobody-knows/

By that time you are kinda messed up anyway.

and you will have to keep making payments.

that'll expect your timely payments.

If you don't pay it, you'll be foreclosed on.

And challenge your lending institution to produce the note.

bank and set up a "mortgage escrow" account. Pay your mortgage payment each month into that account. Eventually they will find you and you need to have put that money aside. Remember, you got money from someone and you are obliged to pay it back.