Mortgage going up by a thousand dollars. What will my bank do?
I’ve stopped paying my 2 mortgages because I just can’t
afford it anymore since one of them went up by a thousand
dollars. What can I expect my bank to do? I place my house
on the market even though it is ~,000.00 less than what
my combined mortgage is. My bank won’t try to make me
pay part of the monthly mortgage will they? As I see it, if a partial
payment is the same as no payment as far as my credit
is concerned, then why should I even pay it? All of it
is going to interest. I want to wait it out until I can small
sell my house or foreclose and in the mean time, use the extra money to pay off some debt. Is this strategy sound?
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That is a disaster strategy. You are willingly ruining your life.
It is not like this just snuck up on you. Refinance or sell.
If you have no intention of doing either, then at least call them and question for some sort of plot to leave peacefully and not have your credit rating ruined for the next decade.