What happens if i can't pay my home mortgage any more , will the bank go after my assets or other property. ?

Question

What happens if i can't pay my home mortgage any more , will the bank go after my assets or other property. ?

Answer 1

I worked at a bank collection center. Usually we started aggressive actions( repo) at 90 days past due. The bank usually starts to call around 10 days past due. You should pay at least one full payment ASAP. Partial payments usually go to fees and interest first. Each time your account reaches 30 days it is reported to credit agencies.If you have money in other accounts with the same bank they can draft that money out for a payment. They cannot take money from social security if you receive that. I hope it works out for you good luck!!!

Answer 2

the bank will take ur house back, sell it and unless they don't make enough money u'll be fine. i mean losing ur house will be real bad, but that's about all u'll lose. they won't take anything else from u. try to get help so u won't be a statistic on all these forclosures going on today. i know things r getting so tuff, it sucks.

Answer 3

The bank forecloses and sells the property.  The bank can then get a judgment against you for the difference between the sales price and the mortgage plus fees and interest.  The bank may waive collection, in which case it is taxable inome to you.  Conversely, the bank may enforce the judgment and lien your other real property, seize your assets and, in most states, garnish your wages.