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Page 28 of 34 |
What happens if I cannot make a mortgage payment? |
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| If you default, your lender can begin foreclosure proceedings. If you are unable to pay the default amount, the title to your property is transferred to the lender who will re-sell the property to recoup its loan. If there is a difference between the sale price of the property and the outstanding balance under the loan, the lender can sue you to recover the difference. If successful, your wages can be garnished or your other assets seized to pay the deficiency amount. However, not all states allow the lender to institute such action (see below). |
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