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edsmolen3, Other/Just Looking in Fairfield, NJ

does the mortgage company get paid if i stop paying the payments?

Asked by edsmolen3, Fairfield, NJ Tue May 8, 2012

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If you stop making payments, neither the mortgage company or servicer gets paid. The exception in most cases is the lender will continue to pay the property taxes and hazard insurance on the property if you fail to keep coverage.
0 votes Thank Flag Link Tue May 8, 2012
The mortgage company only gets money if they service the loan, that means if they do the paperwork and send out the bills. If they don't service the loan then they don't ever get any money when you make a payment, the owner of the loan does and whomever is servicing it does.
0 votes Thank Flag Link Tue May 8, 2012
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