Idaho Real Estate Websites
Foreclosure can occur when you miss your mortgage payments and are not able to pay back the loan in a timely manner. The bank or lender you chose to borrow the funds to buy the house may repossess it by taking ownership of it, and basically make you leave the property. If you owe more than the house is worth you could be served with a deficiency judgment which can greatly affect your ability to apply for credit or other housing in the future. You want to avoid both foreclosure and a deficiency judgment at all cost! They will make your life extremely difficult.
If the monthly payment is too large, you may be able to refinance or extend the term of the loan allowing you to have smaller monthly payments and a longer time to pay back the loan. You will probably have a higher interest rate and end up paying more money to the lender however, you will not go into foreclosure and lose your home! By changing the terms of the mortgage, you may be able to catch up on what is due and make the monthly payments more manageable so that you will not be delinquent. The lender should be open to this option as long as you are upfront and let them know what is going on.
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