You may have taken out a mortgage in the past you have paid off or you may still be paying for it. Everyone knows that you must repay this monthly amount without fail. What would happen if you got extremely behind on making payments? Would your credit score be affected? Would you be kicked to the curb? Would anyone even notice?
If you stopped paying on your mortgage, there would be inevitable consequences. All lenders use your home as collateral so to speak. This means that if you stop making payments they can legally seize your home. Many people will not deliberately choose to stop paying their mortgage for this very reason. There are times however, that you simply can not think of another option. Well there are other options besides simply not making any payments.
The most important thing that you can do is to talk to your lender and let them know about your situation. Whether you have lost your job or have just been laid off for an extended amount of time, let them know everything. A lender who is left in the dark about your financial situation thinks the worst whenever you do not make payments. A successful lender will be able to work out a repayment plan that...
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