As if falling behind on your mortgage payments and being at risk of losing your home to foreclosure wasn't bad enough, it also costs you extra money in the form of fees, which make it even harder to get your mortgage back on track.
Being charged fees for not having enough money to pay your mortgage can feel like adding insult to injury. You didn't have enough money to pay the regular mortgage payments, now they add fees to that! Wonderful.
Unpleasant as it is, there's no getting around incurring some fees when you default on your mortgage. Your mortgage contract states that you will be charged fees in the event that you do not pay your mortgage in full and on time.
The amount of your missed payments, which include principal, interest, taxes and insurance, will make up most of the money you owe after defaulting, but the fees are nothing to sneeze at. Let's look at what some of them are.