Posted on: 27th Dec, 2010 09:14 am
I have just bought a new truck so will I loose it if I default on my mortgage
Hi Warr10rman!
Welcome to forums!
If you're late on your mortgage payments for 3-4 months, then the lender can foreclose the property. After the foreclosure sale, if you're unable to pay off the deficient balance resulting from the property sale, then the lender can place a lien on your truck and may force you to sell it off in order to recover his dues.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you're late on your mortgage payments for 3-4 months, then the lender can foreclose the property. After the foreclosure sale, if you're unable to pay off the deficient balance resulting from the property sale, then the lender can place a lien on your truck and may force you to sell it off in order to recover his dues.
Feel free to ask if you've further queries.
Sussane