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mortgage question

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sheilalafleur Joined: 24 May 2011 Posts: 1 1.37 Dollars($)	Posted: Tue May 24, 2011 11:41 am    Post subject: mortgage question Like 0 Dislike 0 IF someone hasn't paid their mortgage in many months, what are the penalties for putting thier house on the market and getting a buyer
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Tue May 24, 2011 11:48 am    Post subject: Like 0 Dislike 0 Sheila, there would be accumulated late charges, of course, and you'd be required to pay the mortgage loan in full upon sale. It would be a nice idea if you chose to contact your lender to let them know what your plan is, nonetheless. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Tue May 24, 2011 9:41 pm    Post subject: Like 0 Dislike 0 Welcome sheilalafleur, Once the property is sold off, the seller of the property will be liable for paying the mortgage in full including the late fees and other charges. As George are said, you should contact the lender and inform him that you will be selling off the property. If the lender has any objections, he will let you know. _________________ Procrastination is the enemy of your financial success
unab Joined: 25 May 2011 Posts: 68 9.62 Dollars($)	Posted: Thu May 26, 2011 9:21 pm    Post subject: Like 0 Dislike 0 If the lender chose to foreclose the property, but still if he did not get the expected amount, again will the lender charge this for the borrower ?
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Thu May 26, 2011 11:28 pm    Post subject: Like 0 Dislike 0 Hi unab, After a foreclosure, the lender can come after the borrower for the deficient balance resulting from the sale of the property. Thanks

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