Is Colonial Savings A good mortgage company?
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Is Colonial Savings A good mortgage company?
Colonial Savings, F.A. has been named to the list of Top 25 Mortgage Lenders and Servicers in the Mortgage Industry by MReport, a leading source of breaking news and up-to-date information for the housing and mortgage industry.
What happened Colonial Bank?
Colonial Bank had 346 branches in the states of Alabama, Georgia, Florida, Nevada and Texas. The Alabama State Banking Department declared Colonial Bank insolvent, seized it, and appointed the FDIC to become the failed bank’s receiver. The FDIC sold Colonial Bank to BB.
Can you pay a mortgage with a credit card?
Can You Pay Your Mortgage With a Credit Card? Yes, but it’s not usually a good idea. Third-party payment providers may accept your card payment and then cut a check to your mortgage servicer, but the convenience fee you’ll pay may not be worth it.
What is a mortgage recast?
A mortgage recast is when a lender recalculates the monthly payments on your current loan based on the outstanding balance and remaining term. When you purchase a home, your lender calculates your mortgage payments based on the principal balance and the loan term. Every time you make a payment, your balance goes down.
Does Colonial Mortgage report to credit bureaus?
Colonial may provide customer information to third party companies in order for Colonial to conduct its normal business of originating and servicing loans and accepting deposit and transaction accounts. Information on accounts at Colonial may also routinely be reported to credit bureaus.
Who owned Colonial Bank?
BB
On August 14 it was announced that BB would buy Colonial’s branches and deposits in a deal with the FDIC. This was the biggest bank failure of 2009. On August 25 Colonial BancGroup filed for Chapter 11 bankruptcy.
How can I pay my mortgage off faster?
How to Pay Off Your Mortgage Faster
- Make biweekly payments.
- Budget for an extra payment each year.
- Send extra money for the principal each month.
- Recast your mortgage.
- Refinance your mortgage.
- Select a flexible-term mortgage.
- Consider an adjustable-rate mortgage.
Why was my mortgage removed from credit report?
Your mortgage may not show up on your credit report if your lender doesn’t report to credit bureaus, if your mortgage is new and hasn’t been reported yet, or if there’s an error on your loan paperwork, among other reasons.
How long does a new mortgage affect credit score?
The study analyzed the credit scores of more than 5,000 consumers who took out a mortgage in 2015 and 2016. On average, scores took an average 160 days to hit their lowest point after the purchase of a house and another 161 days to return to their previous levels (nearly 11 months total).
When did Colonial bank close?
August 14, 2009
On Friday, August 14, 2009, Colonial Bank, Montgomery, AL was closed by the Alabama State Banking Department, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.
Who did Colonial Bank merge with?
BB Corporation
WINSTON-SALEM, N.C., Aug. 14 /PRNewswire-FirstCall/ — BB Corporation (NYSE: BBT) late this afternoon said it has acquired the banking operations of Colonial Bank of Montgomery, Ala. BB has acquired $22 billion in assets and assumed $20 billion in deposits in the transaction.
Can mortgage debt be written off?
Writing off a mortgage debt You can ask your lender to write off all your debt. They probably will not agree to this, unless it’s unlikely that your situation will improve. Your lender might agree to write off part of the debt if you can repay the remainder through a lump sum payment or regular instalments.
