2007-01-29 11:39:33 · 5 answers · asked by girly#1 2 in Business & Finance ➔ Renting & Real Estate
If you are having financial problems and are having problems paying your mortgage. the first thing you should do is contact your lender, maybe refinance your mortgage with a longer amortization & consolidate your debt. Your best bet is to try and reduce your monthly debt payments to an affordable level. It's never a good idea to simply stop paying your mortgage. As a mortgage professional I can tell you that it will damage your credit severly if you lose your home from non payment of your mortgage. Speak to your lender, they really don't want to foreclose on your home. If you want anymore help you can contact me from my website www.albertamortgageguy.com
2007-01-29 16:58:41 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You start getting letters & phone calls from your lender. The late fees start to accrue, the credit score drops...
If you're having problems, talk to your lender. They may be willing to work with you.
2007-01-29 19:51:04 · answer #2 · answered by ckm1956 7 · 0⤊ 0⤋
Everything "ckm1956" said AND eventually the property goes into forclosure and you lose it.
2007-01-29 19:53:18 · answer #3 · answered by AlwaysOverPack 5 · 0⤊ 0⤋
if you don't pay for your house, your bank is going to take it from you.
2007-01-29 23:35:12 · answer #4 · answered by djdraven99 2 · 0⤊ 0⤋