April 2009

How to Avoid Defaulting on Your Mortgage Payments

The market conditions have changed quite dramatically over the past twelve months. As a result, some homeowners may stumble upon financial hardships that make it difficult for them to pay their mortgage payments. Once your mortgage loan defaults, the chance of foreclosure increases. If you or your spouse has lost employment and no longer make as much money, and you see meeting your mortgage payment obligations is going to be problematic, the first step is to take a deep breath. There are literally millions of people that face the same problem. You are not a bad person, so leave any feelings of guilt at the

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  Many Seller's are now getting hit with some large Mortgage Payout Penalties. It is now more important than ever that they very this information along with their Realtor what their penalties will be if they are not porting their mortgage to their new home.  Unfortunately with mortgage interest rates continuing to fall, most penalties are now calculated on the interest rate differential / loss of interest.
This is because most mortgage early payout penalties are calculated on (1.) three months interest payment or (2.) the interest rate differential whichever is the GREATEST!! Methods of calculating penalties are as varied as the lenders’ imaginations. As a Seller or a Realtor, always remember:

1. Do not assume the same lender charges

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