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-   -   In CO, if I stop paying my mortgage, does the bank have any legal recourse? (https://www.askmehelpdesk.com/showthread.php?t=526920)

  • Nov 17, 2010, 10:21 PM
    semheart
    In CO, if I stop paying my mortgage, does the bank have any legal recourse?
    In CO, stopping mortgage payments, does the bank have any recourse or can they come after me in any way?
  • Nov 18, 2010, 04:27 AM
    AK lawyer

    Is this a trick question?
  • Nov 18, 2010, 04:37 AM
    ScottGem

    You are kidding, right? With all the news about foreclosures over the last few years you really don't understand what defaulting on a mortgage means?

    When you take ANY loan, whether it be from a major bank or a credit card or the corner loan shark, you agree to pay that loan back, usually with interest. If you default on that agreement there are always consequences. What those consequences may be depends on the type of loan and lender. With a mortgage, the lender forecloses on the loan and takes back the property. Forcing you to leave and lose your investment.
  • Nov 18, 2010, 05:05 PM
    ScottGem

    Comments on this post
    semheart does not find this helpful : did not address the issue

    First, may I call your attention to the guidelines for using the comments feature found here:

    https://www.askmehelpdesk.com/feedba...ure-24951.html

    How did I not address the issue? I explained that there were consequences for any default of a loan and specifically mentioned foreclosures.

    You ask people to help you and when they do, you slap them in the face!
  • Nov 24, 2010, 09:12 AM
    RE_Investing
    Of course they do. You borrowed from them to pay for a house and now you're not returning the money, so yes, they do have recourse to come after you once you stop your payments.
    Is there a specific reason you are looking to stop paying your mortgage? Job less, extenuating circumstances? Most of the time, when you call and speak with a loan officer to explain the situation, they might consider giving you an extension on your due dates.
    If payments are currently too high, maybe re-financing is a better option that altogether stopping payments. Before ruining your credit with a foreclosure, try some other options.

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