I was wondering if you can defer payments on a mortgage for a year or so in exchange for adding the interest on to the principle or some other method that the bank would be willing to accept. I really would like to take a sabatical from work for a year to travel and do charitable work but I dont want to sell my house. I have great credit and I always pay the mortgage on time. Thanks for any responses.
2007-10-10 07:23:47 · 2 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Get a home equity loan for the amount of one year's payments on the mortgage. Use the loan to pay the mortgage for the year.
2007-10-10 07:35:57 · answer #1 · answered by StephenWeinstein 7 · 0⤊ 0⤋
I've never heard of such a program. However you may be able to take out a HELOC and deposit that money in the bank and arrange to have the mortgage payments made automatically from that account. Or, turn it over to a property manager and rent it out for a year while you're gone. With luck, you'll get enough in rent to cover your payments.
2007-10-10 07:38:59 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋