Question by Empire: If a mortgage company is sold, does the buyer have to honor all former contracts?
I am about to start construction on a house and have my constrcution loan thru National City, they will also be the owner of the mortgae when the loan is converted at the end of construction. If NC is sold before the loan gets converted, will the new buyer of NC have to honor the details of the loan agreement I had with NC, or will I be at risk of having to redo the mortgage loan and potentially have to pay a higher interest rate?
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