Hi! I want to be sure that I answer your question right - I know the WalletHub format doesn't allow the person asking the question to provide lots of detail! I want to make sure I have the information about your situation right so that I can give you a helpful answer!
When you say the term "mortgage," I am answering based on the idea that you are referring to a loan taken out with a lender to buy a home or condo, which is usually paid back over a 15 - to 30-year period. The answer to your question depends on where you stand with regard to the mortgage. If you are living in the house and are NOT the owner but are paying rent to the owner, then you would just give your notice and move out of the home. If you are NOT the person who owns the home, has taken out the mortgage to buy the home, and is responsible for that mortgage, you have no obligation to pay the payments on the mortgage toward paying off the home unless you have made some other legal arrangement to do so.
However, if you are the mortgage holder and move out of the home, you are still responsible for the mortgage. You must continue to pay the mortgage payments until the house is paid off whether you live there or not unless you sell the home or pay the mortgage off in full at one time. If you don't make the payments, you will default on your loan, which will cause a host of financial problems.
I hope that I have answered your question; please write back if not. Best wishes to you and thanks for writing.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines
. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.