Will the bank take the house if you miss the payment?
First-Time HomebuyersWhat should I do if I am evicted? What if the bank takes the house?
Unfortunately, this is a typical fear for many people.
Remember, the bank is not in the business of redemption. They really want you to live in a house, to pay your mortgage, because that’s how they make money. So you can always talk to the bank if you have any difficulties.
Try to make a modification to your credit. Get a discount or something like that.
But if you’re really in trouble and can’t pay anymore, you can at least sell your house and get back the money you invested. Contrast this with renting: if you are currently renting and missing a few days, the lender will give you three days’ notice. Within these three days, you must pay your debt, otherwise the creditor may begin the eviction process.
So, let’s compare these two concepts — rent and ownership. That possession is at least an asset that you can sell. When renting, you do not have this option.
