What happens if I don’t make my mortgage payments?

If you don’t make your mortgage payments in North Carolina, there can be several consequences. The mortgage lender might start a foreclosure action against you. This means they will ask the court to allow them to repossess your home and sell it to pay off the debt. They must give you notice before beginning this process. Your credit score, which is a measure of your trustworthiness as a borrower, can also suffer. Late payments can be reported to the credit bureaus, and this can damage your score. This can make it more difficult and expensive to borrow money in the future. Your lender can also choose to pursue legal action against you, called foreclosure by judicial proceeding. This is a lawsuit in which the lender sues you for the amount owed. If a judgment is entered in favor of the lender, they can place a lien against other property that you own. Finally, you could be subject to garnishment of wages or bank accounts. This means that the lender could take a portion of your pay or seize money in a bank account to cover the debt. No matter the scenario, it is always best to contact your lender as soon as you think you may not be able to make your mortgage payments. They may be able to work out a repayment plan with you to avoid foreclosure or other serious consequences.

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What happens if I don’t make my mortgage payments?

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