why do mortgage websites have this warning:
Your home may be repossessed if you do not keep up repayments on your mortgage
2007-05-07 10:11:17 · 10 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
because your home can be repossessed if you do not keep up on payments
2007-05-07 10:15:22 · answer #1 · answered by ? 5 · 0⤊ 0⤋
Because it's true. Although, with mortgages, it's called foreclosure, not repossession.
A mortgage is secured by your home, meaning that if you do not make your mortgage payments, the lender has the right to take your property back, so that they can get back the money that they loaned to you.
2007-05-07 10:19:03 · answer #2 · answered by aj485 5 · 0⤊ 0⤋
It is very simple. If you do not make the payments on your mortgage. The mortgage company has the right to take your home away from you and sell it to recover the money that they loaned to you using your house as collateral. That is what collateral is.
2007-05-07 10:15:42 · answer #3 · answered by wolfatrest2000 6 · 0⤊ 0⤋
by fact no longer anybody is as smart as you. they could no longer understand the disastrous outcomes in the event that they do no longer sustain their money. So the government insists that lenders spell it out anybody. have faith it or no longer, some somewhat smart human beings get thrown out on the line each 3 hundred and sixty 5 days. In 2009, there have been extra desirable than 2 hundred repossessions on a daily basis.
2016-10-04 12:48:40 · answer #4 · answered by heusel 4 · 0⤊ 0⤋
Because it's true!!!
When one makes a home purchase they have to be prepared to be employed and financially stable to keep up with the monthly mortgage payments over a very long period to time.
2007-05-07 10:16:36 · answer #5 · answered by Anonymous · 0⤊ 0⤋
because a mortgage is a lien against your property. If you fail to adhere to obligations outlined in the mortgage note, the mortgagee (lender) can exercise the lien and take possession of the security (property securing the lien). a mortgage is a secured loan.
2007-05-07 10:25:11 · answer #6 · answered by therainbowseeker 4 · 0⤊ 0⤋
Because you bought your home with money you borrowed, using your house as collateral for that loan! Until you have paid off the loan, the house can be taken away from you by the loan company if you don't make your payments on time!
2007-05-07 10:16:21 · answer #7 · answered by Anonymous · 0⤊ 0⤋
They are trying to avoid legislation that would make it harder to get suckers to get a mortgage they can't afford or will not be able to afford when their low-rate period ends.
2007-05-07 10:16:43 · answer #8 · answered by thylawyer 7 · 0⤊ 0⤋
It is only sort of misleading. It should state:
Your home WILL be repossessed....
2007-05-07 10:16:08 · answer #9 · answered by Anonymous · 0⤊ 0⤋
because its true
they want their money or the home
who wouldn't
2007-05-07 10:14:59 · answer #10 · answered by Anonymous · 0⤊ 0⤋