House Mortgage?

Question : House Mortgage?
Ok, this person had a house mortgage for 20 years. He paid on it about 10 years. He lost his job and the house went back to the bank. Does that mean all of his previous house payments are down the drain?
house mortgage

Best answer:

Answer by dumpfinds
Yes.

house Mortgage

This entry was posted by admin on September 3, 2010 at 6:45 am, and is filed under Loans and Mortgages. Follow any responses to this post through RSS 2.0.You can leave a response or trackback from your own site.

Comments (5)
Related Posts

#1 written by AngeloElectro 1 year ago

The bank will sell the house and keep enough to cover the balance of the mortgage, all the back payments that weren’t paid, fees to foreclose, and legal fees. The remainder, the amount that is left over from the sale, belongs to the owner. Usually foreclosed property sells for less than market value but there may still be enough that the owner gets some money back.

Quote
#2 written by Bapboy 1 year ago

Seems cruel and unfair but if you don’t keep up payments on a house, then you either have to sell the house or the mortgage boys’ll take it away.

Why on earth didn’t this person sell? If they’d been paying for it for ten years then at least a third would already be paid off! They could’ve sold up, paid the mortgage off and had enough left over for a sizable deposit on something small once they’d got back on their feet again. I don’t know the story, but it sounds like madness to me.

Quote
#3 written by CFP L.L. 1 year ago

Yes. The idea is to prevent that from happening by having adequate disability insurance.

Quote
#4 written by babytuffluv 1 year ago

yes. bank would have sold the house to recover any outstanding monies owed. payments made would have been mainly interest charged.

Quote
#5 written by Texan_in_Puerto Rico 1 year ago

Yes

Quote
Comment Feed for this Post