can l lose my home if my mortgage payments went up almost 1,300.00 more due to a shortage in my insurance and taxes being added to my loan?
2007-05-19 10:21:14 · 3 answers · asked by Cowgirl Joe 2 in Business & Finance ➔ Renting & Real Estate
Yes the lender can foreclose on a house if the monthly mortgage note is not paid.
It appears as if you moved your hazard insurance and property taxes on to your monthly payment causing you to have a impound account. This will increase the amount of your monthly payments.
If you paid them separately, your insurance would be a once a year payment that you could save up for and pay all at once.
Taxes are normally paid in two increments Nov and Apr in most states. This again is something that you could save up for and pay when it is due.
If you fail to keep these two items current then you lender, for their protection, will open an escrow account, adding them to your monthly payments.
When this is done it will increase you monthly payments.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-05-19 10:39:47 · answer #1 · answered by loanmasterone 7 · 0⤊ 0⤋
No you can't. The only way you can lose your house is if you don't pay the payments. So make sure you keep paying and pay on time.
2007-05-19 13:02:48 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You can if you don't pay the mortgage. But, it sounds like you just moved expenses onto it instead of paying them seperately, so nothing really changed for you.
2007-05-19 10:25:21 · answer #3 · answered by Anonymous · 1⤊ 0⤋