missartesaj
Sep 24, 2007, 05:10 PM
Is there anyway to get out of a mortgage if you become unemployed and can no longer carry the payments without going into foreclousure.
rockinmommy
Sep 24, 2007, 07:03 PM
Well, there is actually insurance you can buy to protect you in such cases. You pay a premium based on the principal balance. The bad news is you have to purchase it in advance of the loss of job, etc, and there typically is a waiting period before the insurance coverage begins.
Other than that I know of nothing. Well, other than selling the property or renting it out for enough to cover your mortgage payment.
Karla in TX