if you pay a mortgage for 15 years and you decide you cant do it any more does the mortgage holder have to give you some money bac

It depends on the value of your home, Example would be, lets say your home is worth $600,000 and you owe $300,000, the bank may take it back, charge you for all their legal fees, sell it at a distressed price, and anything left over, would go to you. You would be far better off, to just sell it, even if you dont have any equity, it keeps you in the drivers seat of the sale, and keeps your deficency lower, and more than likely the bank would waive any deficency - if you get a good agent.

No, but there are some creative ways to make money, without having to sell your property. Contact me at primefinancial@frontier.com, if you are interested in more information.

The only way you can get money back on the property is by selling it for more than you owe. You will be able to profit on the difference then.

No... they never have to give back any interest you've already paid. They also can't charge you for unearned interest. Mortgage interest is pay as you go, but heavily weighted towards the front of the loan.

if you can no longer pay your payments, and you allow the lender to foreclose, and if by chance the home sells for more than what is owed, including all foreclosure costs and fees, then yes.. the lender will give you the overage back.. however, you are far better off hiring a real estate agent and selling the home on your own, rather than foreclosing.. you can save your credit and have more money left over then allowing the home to foreclose.. if you do not have equity, then you could do a short sale which is still better than going through a foreclosure.. however if you owe more than the value of your home, then the lender will not give you any money back.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Are you behind in payments? what state? if you are current, you can refi into a 30 yr loan, and if you are upside on your property, there is a loan program for that . linda

The only way you might get some money back, is if you are able to sell the home for more than the remaining balance.As Linda mentioned, you might be able to get this refinanced into another 30 year mortgage, which would lower your payments a bitas your balance would be about 3/4 of what you started with, and with today's lower rates you could seen a significant drop in your payment.If you are over 62 years of age, you might want to check with a reverse mortgage specialist to see if you qualify for that program, where your only ongoing payments would be taxes and insurance.In either case, please contact a local, licensed mortgage professional to get exact answers for your situation.

Generally speaking no. but as you can see from the responses it is better to sell the house, assuming you have any equity. If you have no equity the bank will be taking a loss. Foreclosures usually are always a lose lose proposition.

Not sure what you mean, but if you can't pay your mortgage after paying for 15 years, then sell it before the lender forecloses on it. If you allow them to foreclose and sell it and it sells for more then owed plus all their fees then yes you would get the balance but would lose thousands.

Only if the house is sold for more than what is owed.

No - Check the terms of your original note and mortgage