Posted on: 07th Sep, 2010 05:07 pm
I want to stop making payments on my house to move elsewhere. I want out of the town I am in and cannot pay anymore payments.What happens if I stop making payments?
Hi vhcis,
If you stop paying the mortgage dues, the lender will foreclose the property. He will sell off the property to recover the loan. He will also be able to come after you for the balance amount resulting from the sale of the property.
Thanks
If you stop paying the mortgage dues, the lender will foreclose the property. He will sell off the property to recover the loan. He will also be able to come after you for the balance amount resulting from the sale of the property.
Thanks
The bank is the lender
Thanks for your input.
Thanks for your input.