Ask Experts Questions for FREE Help !
Ask
    missartesaj's Avatar
    missartesaj Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Sep 24, 2007, 05:10 PM
    Getting Out Of A Mortgage
    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's Avatar
    rockinmommy Posts: 1,123, Reputation: 82
    Ultra Member
    		  
    #2

    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
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Mortgage Help [ 3 Answers ]

I have in principle accepted a job in Ohio, I currently live and own a home in FL. I need to move my family there right away. However, I don't know how I can afford two mortgages or rent at the same time. My wife doesn't want to rent out our current home. Is there any way to obtain a mortgage on...

Mortgage [ 2 Answers ]

I own a trailer,an I keep records of payments, but I have looked everywhere for a spreadsheet to help me keep track of payments an later fees an bounced checks,I guess I need a title of what I'm looking for,I have goggle an Yahoo I just need to figure out how much she owns an what a payoff...

Getting out of a mortgage [ 3 Answers ]

I am buying my mobile home, and paying lot rent to park it here. Wife & I would like to get out of it and start over somewhere else in the near future. This was our first house, no credit back then... so we are paying 21% interest. Had it for 6 years now, and I still owe more than what the house...

Mortgage [ 1 Answers ]

I want to add my friend to my mortgage loan. How do I do this?

Mortgage [ 1 Answers ]

What will my payment be like on a 80/20 interest loan @7%?

View more questions Search