Stop Paying Your Mortgage - Is My Mortgage Still Secure?

Stop Paying Your Mortgage - Is My Mortgage Still Secure?

Birgit

If you are asking yourself "if the husband stopped paying the mortgage; is my mortgage still secure?" then the answer is definitely "yes". Most mortgages have a specific amount of time they are allowed to exist on the property. This is called the "time away from the home" or "time remaining on the property" (TOTP). Usually this is around three years; however it can be as much as twelve or more years depending on the situation.During this time the bank does not have to worry about whether or not the homeowner will ever pay off the mortgage. They do not want to take the chance of having a property on the market for an extended period of time. The bank has already taken care of all of the legalities and has possession of the house. They do not have to worry about a home that is sitting on the market and website possibly being purchased by someone who does not pay their mortgage.There are other ways that a mortgage can be stopped from going into foreclosure as well. If a homeowner has been making late payments for a significant period of time, they can petition the court to have the foreclosure proceedings stopped. In many cases the court will agree and the mortgage will be suspended until payments are made in full.Another way to answer the question "if the husband stopped paying the mortgage; is my mortgage still secure?" is to check with your mortgage company and see what your options are. There are several ways to hold off on mortgage payments. Depending on how much you actually make and your monthly expenses, you may be able to negotiate new terms that will keep you in your home.A mortgage company will want to know exactly where your monthly income is. It is important that you provide the lender with all of the information that they need to know. Most lenders will offer a free mortgage estimate. This will give them an accurate picture of how much money you will need to bring your payments up to date. In some cases, your lender may even be able to negotiate a new deal that keeps you in your home and your mortgage payments current for a longer period of time.If a spouse has stopped paying the mortgage, there are several things that the bank can do to get the funds back. They can pursue collection by either reporting you to the Better Business Bureau or suing you. A lawsuit is one option but it can also put you behind on your mortgage. Another option is to offer a deed in lieu of foreclosure. This allows you to voluntarily return your mortgage to the bank. Before accepting this option, it is important to discuss the pros and cons with your lender.