mortgage payments while incarcerated

tygersofpantang · #1 02-01-2006, 02:02 PM

Fortunately, this is not a concern I have at this time. But I was wondering. What happens to a mortgage payment if you get locked up for anywhere from 3-12 months? Would a lawyer be able to negotiate with the bank to add missed payments to the back end of the mortgage? I would find it hard to believe that even being locked up 3 months for something non-violent would cause you to lose everything. Are there situations where you might only pay the principal monthly ( which is usually 15-20% of usual monthly payment ). How would this work?

Any answers would be appreciated.

Ohiogal · #2 02-01-2006, 03:51 PM

Quote:

Originally Posted by tygersofpantang

Fortunately, this is not a concern I have at this time. But I was wondering. What happens to a mortgage payment if you get locked up for anywhere from 3-12 months? Would a lawyer be able to negotiate with the bank to add missed payments to the back end of the mortgage? I would find it hard to believe that even being locked up 3 months for something non-violent would cause you to lose everything. Are there situations where you might only pay the principal monthly ( which is usually 15-20% of usual monthly payment ). How would this work?

Any answers would be appreciated.

You are responsible for the mortgage you sign payable according to the terms of the mortgage you sign. If you don't pay as agreed, the bank can and will foreclose. I have never heard of a "don't pay while in jail" card that you can use. pay your mortgage and don't go to jail.