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Well if you stop paying your mortgage they will usually give you about 90 days before they start the focloersure process which will take some time. Then once it’s complete you have to move out of the house. Then the bank will sell the home if they don’t get back what you owed then the bank will come after you for the remaining amount. It is 100% better to sell your home instead of let it foreclose. If you get foreclosed on it will completely ruin your credit and you won’t be able to get a loan or buy another home for a while. |
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Well if you stop paying your mortgage they will usually give you about 90 days before they start the focloersure process which will take some time. Then once it’s complete you have to move out of the house. Then the bank will sell the home if they don’t get back what you owed then the bank will come after you for the remaining amount. It is 100% better to sell your home instead of let it foreclose. If you get foreclosed on it will completely ruin your credit and you won’t be able to get a loan or buy another home for a while.
15.10.2016
08:06:39
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