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- Jan 13, 2004
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DeafSCUBA98 said:basically its the lender's house. and yes you still own the house.. but you're making payments toward the lender. really the lender bought the house for you.. and u have to pay them back. once you don't make payments.. lender has rights to take the house away from you. cuz its basically their house.. on their money.
Oh, I got it... Banker will take my house over if I can't make payments. I pay monthly to Bank where I get loan from them.
The Banker can wait up to 6 months until you found something to get money to pay house mortage. You has to tell the Banker the truth if you can't find way to pay the mortage off. They won't throw you out to street but sent you to social welfare system for assistance how to save the house/apartment etc.