having financial difficulties.. can a person go to jail for not paying the mortgage payment and letting it go to forclose???
2007-01-12 10:00:00 · 10 answers · asked by Rosie 1 in Business & Finance ➔ Renting & Real Estate
You will not go to jail but there are some mortgage brokers that should, also there are a few Realtors that should for the scam and bubble they have made.
http://www.breakingbubble.com/index.htm
2007-01-12 16:55:07 · answer #1 · answered by Anonymous · 2⤊ 0⤋
No you won't go to jail, the bank will just take the house.
Before that happens though look at how much equity you have in the house and decide if you can sell it. A foreclosure can be worse and longer lasting on your credit than a bankruptcy. Why? The next loan you try and get the bank will see that not only did you not pay the mortgage but you stayed in the house until the bank kicked you out. They don't like that.
If worse comes to worse investigate giving the deed in lieu of foreclosure. This allows you to give the deed back to the bank without the foreclosure process. In the long run it is slightly better on your credit than a foreclosure, but not much.
Good luck.
2007-01-12 10:54:32 · answer #2 · answered by RN 2 · 0⤊ 0⤋
No, you will not go to jail. You will probably have to move out of the house though. If you contact your mortgage company you may be able to arrange for a short sale to avoid forclosure. I would definitely call your mortage company and find out your options.
2007-01-12 12:04:55 · answer #3 · answered by NH Realtor 2 · 0⤊ 0⤋
How many payments are you behind by? That will determine what your lender will do. You should contact your mortgage lender ASAP and explain to them your financial situation. They rather work with you than having to foreclose on your home. If your home is being foreclosed, you will not go to jail if you move out without destroying the home.
2007-01-12 10:14:21 · answer #4 · answered by REALTOR Marc Pun 2 · 0⤊ 1⤋
No, you won't go to jail. Contact me if you're in Southern California and I'll see what I can do for you.
Regards
2007-01-12 19:37:29 · answer #5 · answered by Anonymous · 0⤊ 0⤋
you will not go to jail. The bank will foreclose on your property and then kick you out if you are not already moved out.
You have a few options available to you.
You do have options available to you. please contact me at buyers@canwebuyyourhouse.com and we can discuss your current situation.
Good luck.
2007-01-14 13:26:13 · answer #6 · answered by Jeffrey F 6 · 0⤊ 0⤋
no jail time
the bank just takes the house
2007-01-12 10:07:36 · answer #7 · answered by Anonymous · 1⤊ 0⤋
No, not at all. Your risk is losing your home and to your credit rating but that's about it. There are no debtor's prisons in the US.
2007-01-12 10:05:56 · answer #8 · answered by Bostonian In MO 7 · 1⤊ 0⤋
No prison with a foreclosure.
2007-01-12 13:01:11 · answer #9 · answered by mrs_palmenator 1 · 1⤊ 0⤋
No
2007-01-12 10:09:50 · answer #10 · answered by Kristy 2 · 1⤊ 0⤋