Does your mortgage co. come after you if your home is foreclosed?
I got in on a bad loan with an adjustable rate. My husband lost his job and then we got behind on our mortgage. We have tried to refinance, but can’t because we’ve only been in this house a year and we have a prepayment penalty. We would need too much cash to close. We are now trying to work with our current lender to modify the loan, etc.
Just wondering, if we foreclosed, would they come after us?
Please no smart alec answers! Please don’t take joy in kicking someone when they’re down. I’d like to know from someone who’s actually been through a foreclosure. How was the process?
Elsa….thanks for your kind words! My husband did get another job after a month of looking and I do have a job. His company where he was supervisor moved to Ohio and we chose to not move. The only job he can get so far pays far less than the job he had when we qualified for the loan. We are not refusing to pay the mortgage. It is our first bill we pay each month. It is just hard to pay since we are behind because of the job loss. Also, we were given a bad loan to begin with, which I know is our fault. So, thanks again for the help and kind words. It’s obvious no ill fate has crept into your life……YET. I hope someone is as kind to you, as you’ve been to me! Have a great day!!