What happens if I cannot pay my mortgage?

What happens if I cannot pay my mortgage?

Ron Goodlin (Mortgage Banker and Broker, The Goodlin Group) gives expert video advice on: What happens if I cannot pay my mortgage?; Do I have a grace period to pay my mortgage loan? and more...

If you can't make your payments, I'm assuming you've already talked to a family member or a friend, and you've tried to get another job to support the mortgage payment. If nothing has come of that, you need to find your local realtor and get the property sold. This is because what you don't want to have happen is for you to stop making your payments for three or four months, and the bank to foreclose on your property. So, if you have equity in your property, you are going to lose your home, your equity, and you'll have nothing to show for it.