Legal Question in Real Estate Law in Oregon
Mortage
What happens legal to me if I cant pay my mortage anymore?
2 Answers from Attorneys
Re: Mortage
At some point, your lender will foreclose on your house and you will have to move.
Before that happens, you need to contact your lender and see if there is any way for you to keep your house.
Lenders today are becoming more flexible in creating ways for borrowers to keep their homes, sometimes by extending the length of the loan or by adding missed payments on to the end, some are even reducing interest rates or creating fixed interest rates on variable rate loans.
Re: Mortage
Lender will go into foreclosure, i.e., legal proceedings for repossession (taking away of the right to redeem his property). Your meeting with your financer may result in relaxing the terms of repayment even reduction in interest rate and/or extending repayment schedule.
Related Questions & Answers
-
Short sale Can a home owner stay in their home aftere a short sal Asked 9/09/08, 6:09 pm in United States Oregon Real Estate and Real Property