Can default on a home equity loan cause foreclosure?
Tags:credit counseling agency, high interest rate, home equity loan, late fees, mortgage payment,
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I was coerced in to receiving a home equity loan along with a debt refinance 4 years ago. The max upon a loan was 15,000, of which you outlayed around 9,000. Since a time you did this, a monthly payments have one after another to stand since of a tall seductiveness rate, as well as late fees. The loan has been maxed out for multiform months. In Feb you incited a comment over to a credit conversing group you have been using. Today we perceived a court order which will comment for scarcely 20,000. we have never had a late debt payment; can we finish up losing my residence since of a home equity loan?
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Unfortunately yes, the house was put up for collateral. A couple of choices first call them an see if you can work something out, even if it is just paying the interest for a few months. Most lenders will work with you because it is in their best interest. Another option is to call the people with your first mortgage and see if they will re mortgage for the whole amount. Also call the credit counseling agency that you are working with, they may be also able to help. Last resort is to sell the house to pay off both mortgages.
you definately can. you put your house up as collateral. try working more closely with the credit couseling agency to work out something to pay the debt. otherwise, i would let less important bills go to keep my house.
-pay your mortgage and equity loan
-pay your water bill; they can put a lien on your house if you don’t
-then send everybody else what you can, don’t ignore the debt. call them in advance to tell them when you aren’t making the entire minimum payment.
You bet your little A… you can. You put the house up as collateral and if you don’t pay you forfeit the collateral.
Don’t blame anyone but yourselves for this one. Get a part time job to go with the one you have and pay your bills. Stop spending miney you do not need to spend.
Just go past the arches and eat at home.
Some just have to learn the hard way.