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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. |
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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! |
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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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