My bank recently failed and FDIC sold my mortgages to another bank recently, but I was already barely making payments and paying interest only before that, now the new bank wants to pay up some back money owed and what to negotiate my contract and I stop making payments. If i don't agree to bank new terms then they will foreclose, but I know I have to file chapter 11. My questions are, if the FDIC sold my mortgage, which i am assuming for a discounted price then why should I pay for original amount loan principal and interest, shouldn't I get a break at the price they bought it for. And is chapter 11 the best way to go. Please advise me. Thank You.
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