How long do i have if i can't pay my mortgage b/4 they actually put me out?/?

Question

Husband died and soon i cant pay the mortgage. Have the house up for sale but no buyers. How long can i stay?? thanks

Answer 1

Depends on the lender and the amount of equity you have in the house based on current market prices.

Speak to your lender early, see what you can negotiate. Lower repayments, Interest only or Interest capitalisation may be possibilities, but again these will be influenced by your equity and your lenders practices.

Lenders hate surprises, so engage in discussions now, before you reach a default position. Defaults can bring a raft of charges including lender legal costs. You might want to factor such things into your asking price for your house. For example, that could meaning a lower asking price, an increased chance of a buyer and so a sale in preference to defaulting and incurring heaps of charges and a default record.

All of these thoughts are just suggestions and will depend on the actual financials of your personal situation. There may be some local community services that offer financial counseling and support to assist you in the negotiations with you lender should you wish it.

I am sorry for your loss and the financial situation you now find yourself in. I hope things work out for you, that you find a buyer and things improve.

Answer 2

l once bought a house l paid on time every month for three years. then the bank started srcewing me over and would no longer take the amount agreed on. they wanted alot more. so l told them l wasn't going to pay any more.after 3 month of them rejecting my payments, l moved out. but it was another year before the bank actually repossed the house. l could have live there as long as 15 months without making payments. had plenty of time to save some money before moving out.
Also a option for you maybe you can try renting the house or taking in a roomate to help pay the mortgage before it is sold

Answer 3

I take it, you did not have Life Insurance Coverage on your Husband or you would not have this Dilema. Unfortunately this does happen and so many people are losing their homes because of Lost Jobs or sickness. Call the Mortgage Company and hopefully they will work something out with you. Try paying what you can each month. At least they will know you are making an effort.. best of luck.