Could I actually loose my home?
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mattias
Apprentice
Joined: 29 Jul 2006
Posts: 4
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 Posted: 08/06/08 - 05:04 Post subject: |
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I'm having difficulties in consolidating debt. I have mortgage rates to pay and also there is a credit card debt. There where some unexpected expenses and now I'm in a bad financial situation. As long as I see, I wouldn't be able to repay some mortgage rates. What would happen if I couldn't? Could I actually loose my home? Please help!
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garald
Apprentice
Joined: 02 Mar 2006
Posts: 3
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| Posted: 09/05/08 - 02:14 Post subject: |
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Financial problems often affect everything else if they are huge. When planning financial future, you should be more careful because consequences could be terrible. You can't lose your home if you didn't pay one or two mortgage rates. In that case you would get interest accumulated and you would pay more later. There is no mortgage deal which would be so rigid, and if you can't pay on time you will pay more later. House can be repossessed but after longer time of missing rates. If you have difficulties in repaying then you should consult your lender and inform it about your new financial status. Together, you would find a way to solve the problem. There are alternatives which could be used to ease your bad financial period. If you don't contact your lender consequences would be very bad. My advice is to do it as soon as possible because financial problems can't wait. Good luck!
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