Advise on mortgage penalty! |
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jackson
New Member
Cash: $ 0.90
Posts: 4
Joined: 05 Sep 2016
Location: Toronto, Canada |
Advise on mortgage penalty! |
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Hey all,
It's been 5 months that me and my wife have shifted to our new home. Earlier we lived in a rented house and we were not having a high salary to afford to buy a new home. Finally after all our financial crises we bought a house. But the problem is we paid the mortgage for the first month and it's been 3 months that we have not paid as my wife had lost her job we couldn't able to manage all of our things. Its due for 3 months and we don't have any idea on how we can calculate mortgage due amount. We asked our friends about it and they suggested us to read this blog http://www.albertamortgagecentre.com/calculating-a-mortgage-payout-penalty/ so that we get an idea about the mortagage penalty. But still we are bit nervous that it's only 5 months we had bought our home and will there be any consequences by not paying the mortgage. We are in a confused situation and don't know what to do next. Any help would be greatly appreciated.Thanks in advance.
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Mon Sep 05, 2016 6:49 am |
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oldguy
Senior Member
Cash: $ 751.85
Posts: 3656
Joined: 21 May 2006
Location: arizona |
quote: it's only 5 months we had bought our home and will there be any consequences by not paying the mortgage.
Yes, there will certainly be consequences. The lender will contact you soon (I'm surprised that they haven't called already). They will ask for the 3 or 4 payments that are late - if you are unable to pay, they will start a foreclosure process - ie, they are required by law to start the eviction process and repossess the house. They will then re-sell the house to a new buyer.
You should contact your lender and ask them if they can extend you loan another year, restart your payment process for a new 30-year period.
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Mon Sep 05, 2016 5:26 pm |
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ken-do-nim
Full Member
Cash: $ 16.50
Posts: 81
Joined: 08 Sep 2016
Location: Mansfield, MA |
Or sell it yourself as fast as possible.
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Sun Sep 11, 2016 4:36 pm |
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