Posted on: 24th May, 2011 11:41 am
IF someone hasn't paid their mortgage in many months, what are the penalties for putting thier house on the market and getting a buyer
Sheila, there would be accumulated late charges, of course, and you'd be required to pay the mortgage loan in full upon sale. It would be a nice idea if you chose to contact your lender to let them know what your plan is, nonetheless.
Welcome sheilalafleur,
Once the property is sold off, the seller of the property will be liable for paying the mortgage in full including the late fees and other charges. As George are said, you should contact the lender and inform him that you will be selling off the property. If the lender has any objections, he will let you know.
Once the property is sold off, the seller of the property will be liable for paying the mortgage in full including the late fees and other charges. As George are said, you should contact the lender and inform him that you will be selling off the property. If the lender has any objections, he will let you know.
If the lender chose to foreclose the property, but still if he did not get the expected amount, again will the lender charge this for the borrower ?
Hi unab,
After a foreclosure, the lender can come after the borrower for the deficient balance resulting from the sale of the property.
Thanks
After a foreclosure, the lender can come after the borrower for the deficient balance resulting from the sale of the property.
Thanks