Everyone should ask three main questions before signing up with a mortgage; What do you own in the agreement, either House or Debt? Do you know what you are signing on the paper? Did you read your mortgage or loan agreement?
The mortgage agreement is one of the most ignored and less valued documents while signing up for debt. When I bought my first home, I did not know until few years that I signed up on paper a considerable debt. If you have a mortgage and missed mortgage payment, you have the grace period lasting until the 15th. Once you passed off that month, they may assess fees, and your payment considered delinquent. You will probably receive a notice or phone call as early as the 16th day of the month from the Credit Bureau. However, many lenders will not report you to the credit bureaus until the 30th. After it reaches 30 days late, you will probably receive a breach letter about your mortgage informing you that foreclosure could be coming if you don’t pay in between 45-60 days late. Between 60-90 days, your credit score will likely take a hit as well as your lender usually begins foreclosure proceedings.
The typical process is what we described above but may have some minor differences depending on province or country. Once foreclosure starts, you may not know, but whatever the payments you did, goes to the bank or financial institution.
I heard from my friend that a guy whose property was under foreclosure and the mortgage provider did not leave anything in the house except his Wheelchair!
So what does it mean to you? You own a house but not if you do not comply with conditions or agreement.
Wassiyyah inspired many people to save them from paying interest. Wassiyyah is not anyway encouraging people to take on mortgages or debt. There are many adverse consequences of taking on liabilities without thinking. Sometimes, you may realize the fact, but only after taking on debt, and that's why we are giving some tips to pay off debt faster to save you from interest.