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mortgage arrears

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#1 oliver32


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Posted 03 December 2012 - 10:17 PM

Hello, please help me to know. I'm with mortgage arrears of 2 months? what can happen? What can I do? Any information helps me. I'm in Fairfax, VA.

Thank you

#2 Tax_Counsel


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Posted 04 December 2012 - 12:39 AM

What can happen is that the lender may foreclose on the mortgage, with the result that the property is sold to pay the loan. If the sale doesn’t fully pay off the loan balance, the lender may sue you for the loan amount left still owed (known as the deficiency).

What can you do? Well, not knowing your personal circumstances, it’s impossible to say. But options might include paying off the arrears to bring the loan current; modifying or refinancing the loan into one that you are better able to afford; selling the property; giving the property back to the bank in a transaction known as a deed in lieu of foreclosure; and filing bankruptcy.

#3 Guest_FindLaw_Amir_*

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Posted 04 December 2012 - 07:39 AM

To learn more about this subject matter, you may wish to visit the Real Estate Law Center: Foreclosure and read Avoiding Foreclosure as a good resource.

#4 pg1067


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Posted 04 December 2012 - 08:27 AM

I'm with mortgage arrears of 2 months? what can happen? What can I do?

Let me suggest that you take an objective look at your post and consider if these are the questions you really intended to ask. Needless to say, there are a virtually infinite number of things that can happen and that you can do.

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