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Bank lending

Started by Kasmir
almost 12 years ago
Posts: 24
Member since: Oct 2013
Discussion about
What happens if you took out a mortgage when you were making 250k and years later down the road you were laid off and you can only make 110k ?? Do the banks come after your property ?
Response by Kasmir
almost 12 years ago
Posts: 24
Member since: Oct 2013

I thank you in advance for any helpful comments

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Response by alanhart
almost 12 years ago
Posts: 12397
Member since: Feb 2007

No, assuming you mean that you're making the payments. No payments, and yes they can get your property.

They've made tons of money off of you in upfront fees, and if you have an amortizing loan, you've paid essentially nothing but interest in the early years. All to the bank.

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Response by Kasmir
almost 12 years ago
Posts: 24
Member since: Oct 2013

Yes, I am making the payments

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Response by Jazzman
almost 12 years ago
Posts: 781
Member since: Feb 2009

you only qualify for the loan once - after you qualify, as long as you make timely payments, there is nothing to worry about.

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