{"id":369322,"date":"2016-04-04T10:47:23","date_gmt":"2016-04-04T15:47:23","guid":{"rendered":"https:\/\/ability-fl-prod.internetbrands.com\/ability-law\/realestate\/mortgages-equity-loans\/mortgage-liability.html"},"modified":"2024-04-09T07:59:36","modified_gmt":"2024-04-09T12:59:36","slug":"mortgage-liability","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/realestate\/mortgages-equity-loans\/mortgage-liability.html","title":{"rendered":"Mortgage Liability"},"content":{"rendered":"\n
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Mortgage Liability<\/h1>\n
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\n By Robert Rafii, Esq.<\/a> | Legally reviewed by FindLaw Staff<\/a>\n | Last updated\n
\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

\n \n <\/i>\n Fact-Checked\n <\/summary>\n\n
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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

A mortgage is a type of debt that must be repaid within a certain period. First-time home buyers often take out mortgages for real estate purchases. When buying a home, a person looking to take out a new loan should first determine whether a mortgage payment can fit within their existing budget.<\/p>\r\n

Many foreclosures, as well as the market crash of 2008, were in part caused by people taking mortgages they could never afford. These were often pushed by predatory lenders<\/a>. To avoid foreclosure, it is very important to educate yourself on the legal implications of taking on a home loan before you begin mortgage shopping.<\/p>\r\n

This section includes articles addressing mortgage loan liability matters and what to do if you are behind on your payments.<\/p>\r\n

What To Do When You’re Behind on Your Mortgage<\/b><\/h2>\r\n

Most people will experience periods of financial difficulty at least once in their lives. This can make it very difficult to pay your mortgage in full and on time. A late mortgage payment or a missed mortgage payment could certainly upset your mortgage lender. Keep in mind that mortgage companies are not always motivated to initiate the foreclosure process<\/a>.<\/p>\r\n

Instead of going through foreclosure proceedings, most lenders would rather work with you if they know you’re also making a good-faith effort to pay what is owed.<\/p>\r\n

If you can\u2019t pay by the first of the month, try buying some time. Contact your mortgage servicer as soon as you suspect you may not be able to make your payment on time or in full. The longer you wait, the fewer options you will have.<\/p>\r\n

If you have fallen behind on your payments, talk to your loan servicer about the following options:<\/p>\r\n