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Advise on mortgage penalty!

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jackson
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Advise on mortgage penalty!  Reply with quote  

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.
Post Mon Sep 05, 2016 6:49 am
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oldguy
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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.
Post Mon Sep 05, 2016 5:26 pm
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ken-do-nim
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Or sell it yourself as fast as possible.
Post Sun Sep 11, 2016 4:36 pm
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