Comments on: Arrears after House Repossession — Help? http://www.propertybuyers.org/stop-repossession/arrears-after-house-repossession-help.htm Fast Buyers of all types of Property Mon, 12 Jul 2010 13:50:30 +0000 http://wordpress.org/?v=2.8.4 hourly 1 By: bens0nn http://www.propertybuyers.org/stop-repossession/arrears-after-house-repossession-help.htm/comment-page-1#comment-2278 bens0nn Mon, 15 Mar 2010 20:59:17 +0000 http://www.propertybuyers.org/stop-repossession/arrears-after-house-repossession-help.htm#comment-2278 I'm sorry to hear about your situation. Your mortgage is a very large loan given out only because you have collateral (the home) to help ensure that the bank has a way to get their money back if you do not make the agreed upon payments. You are still responsible for the amount of the loan, even if you house lost value in the meantime. Mortgage payments aren't exactly paying for the home like a rental payment, rather they are paying back the loan used to purchase the home. I hope this helps to explain why you are responsible for the remaining portion of the loan. Regardless, it wouldn't hurt to ask a lawyer what your options are or contact a non-profit or government agency counselor for further guidance. This is an all too common problem right now. Good luck. I’m sorry to hear about your situation. Your mortgage is a very large loan given out only because you have collateral (the home) to help ensure that the bank has a way to get their money back if you do not make the agreed upon payments.

You are still responsible for the amount of the loan, even if you house lost value in the meantime. Mortgage payments aren’t exactly paying for the home like a rental payment, rather they are paying back the loan used to purchase the home.

I hope this helps to explain why you are responsible for the remaining portion of the loan.

Regardless, it wouldn’t hurt to ask a lawyer what your options are or contact a non-profit or government agency counselor for further guidance. This is an all too common problem right now.

Good luck.

]]> By: catwoman1314 http://www.propertybuyers.org/stop-repossession/arrears-after-house-repossession-help.htm/comment-page-1#comment-2277 catwoman1314 Sat, 13 Mar 2010 09:46:29 +0000 http://www.propertybuyers.org/stop-repossession/arrears-after-house-repossession-help.htm#comment-2277 They are legally able to ask They are legally able to ask

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