This is why mortgage companies charge you interest. It's not as if they are lending you money and entering into a contract with you out of the goodness of their hearts. They take a calculated risk (whether properly or improperly calculated), as does a mortgagee when you purchase a house. Part of the payment for that risk is the interest you pay them. Part of the recourse they have is selling the house should you stop payments.
6/28/11 at 10:01am