Can a bank foreclose on your residence for getting behind on a home equity loan ?
Tags:first mortgage, foreclosure, heloc, home equity, initiate,
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I suspicion the home equity or the heloc as infrequently referred to can usually take movement if the initial debt establishment forecloses upon the property. Can the second on all sides beginner foreclosure?
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YES DUHHH
yes — they can foreclose
afaik, there is no state or foreign jurisdiction [WHERE is this?] that restricts such forecloses … the point of taking a secured position in the house is to make sure you make your payments and, if you don’t, that there is some hope of getting their money back out of the house.
oh
Of course that is why the home is used as collateral and the home equity people have just as much of a right as the Primary lender to foreclose and get their monies.
Yes! All they need to do is pay off your principle mortage holder after forclosure and they own the house, or they can let the principal mortgage holder pay them off and they then get the house. Usually that is profitable either way since real estate increases in value. Most of them won’t forclose just because you are late on one payment so if you are that far behind you leave them no choice.
Of course. They have a lien on the house as collateral, if you do not pay they will foreclose. Why would the lend you money if they had no recourse? No one would pay them if that was the case.
Yes, you already agreed to give them your house if you flaked on your commitment to pay them back the money they gave you.
They can, and will foreclose if you give them no other options. You took their money, you need to pay if back just like any other loan.