Posted on: 20th Sep, 2013 12:32 am
My father-in-law and his wife live in a trailer which has a mortgage by Chase. Now they are facing some hardship to pay off the mortgage. The house is the only asset they have. If they cannot pay off the loan, can Chase take away their only asset?
If your father-in-law and his wife cannot pay off the mortgage on time, then Chase has full rights to foreclose the property. This is irrespective of the fact that it is their only asset.
Hi KWL,
I agree with what Niicss has said. Non-payment of dues can let the property go into foreclosure.
I agree with what Niicss has said. Non-payment of dues can let the property go into foreclosure.