What Happens When You Miss a Payment?
If you do not pay your mortgage installment on time, you will incur a late fee. If the inability to pay continues beyond 30 days, the loan will enter a state of default.
When Do Eviction Procedures Start?
Eviction procedures begin when the payment delay exceeds 120 days. The lending bank will seize the home and evict you. Eviction procedures vary by state. The goal is to sell the home and use the proceeds to pay off the remaining loan balance.
Options Available If You Can’t Pay Your Mortgage Installment
Contact your mortgage company immediately to find out if there are any programs available that may be helpful to you. You may be eligible for a temporary payment reduction or you may be able to refinance the loan to lower the due payment, depending on your location and whether you have defaulted.
How to Avoid Defaulting on Payment
You can take on some temporary jobs to keep your home and avoid default if your problem is related to a temporary income issue. It may also be possible to rent out a room to a roommate depending on your circumstances.
Frequently Asked Questions
– Do I have to pay the difference between the sale price and the remaining loan amount in a short sale?
– Do I have to pay an amount for due assistance to help pay the loan installment?
– How long should I wait to contact the mortgage company if I can’t make my payments?
For more details, please refer to the sources in this article.
Source: https://www.thebalancemoney.com/what-happens-if-i-can-t-pay-my-mortgage-anymore-2385726
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