Legal Question in Real Estate Law in North Dakota

mortgage foreclosure

what are the legal ramifications

if I stop paying my mortgage & let the bank foreclose on it


Asked on 1/05/07, 3:18 am

1 Answer from Attorneys
Alan D. Humbert Law Office of Alan D. Humbert

Re: mortgage foreclosure

The first effect is that your loose the property to the bank, and will have to move.

A more subtle consequence is that your credit rating will be damaged. This could hurt your ability to get a loan for a number of years to come. Some landlords also look at credit ratings in determining whether to accept a tenant or not.

Good luck.

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Answered on 1/05/07, 9:25 am


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