What happens if you stop paying your home mortgage?

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asked May 27, 2019 in Real Estate - Renting by Ortimber (340 points)
What happens if you stop paying your home mortgage?

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answered May 27, 2019 by LindaHartzell (26,630 points)
If you have a mortgage on your home and stop paying the mortgage payments each month then after around 3 to 6 months of missed mortgage payments the bank will usually start a foreclosure process.

During the first few missed payments on the mortgage you'll usually be sent a letter from the bank letting you know that you're behind on the mortgage and have late fees added to the mortgage payments.

After around 3 missed mortgage payments then the bank will start foreclosing on you which will force you out of the house through a court proceeding and then a cop will force you to move out of the house.

If you want to get the house out of foreclosure you'll need to pay all the missed mortgage payments and any late fees and foreclosure costs to the bank.

If you're just missing one mortgage payment but catch up the next month and pay both mortgage payments then you'll likely just have a late fee added and nothing else will happen.

If you're having trouble paying your mortgage then you should speak with your bank to work things out.

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