Getting a Fair Deal On a Mortgage

9. What happens if I can’t pay?

  • How much will you charge me for monitoring the loan if I fall behind with my payments?
  • How soon would you seek repossession if I don’t pay for a few months?
  • If I hand in the keys and you sell the property for less than the debt I owe you, how long will you chase me to make up the difference?

Some lenders charge very high fees if you fall behind with payments. This will make the amount of your debt rise very quickly and make it more difficult to pay off.

Lenders have the right to come after you for many years after they sell the property. They will charge interest on the difference and may levy other charges so the amount could be much more than you expected.

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