our mortgage is paid every month could we lose our house for not paying home equity loan?
Tags:brother inlaw, bussiness, home equity loan, mortgage,
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We have the home equity loan which you took out to squeeze the bussiness for my hermit inlaw he has depressed at the back of upon payments though the debt is paid could you lax the home?
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If they are with the same lender and your state permits loans in the 2nd loan position to foreclose subject to the first loan position, yes you could. THe 2nd can force a foreclosure action subject to the first mortgage, take the money, pay off the first, and take what’s left for the equity line
You could LOSE it, yes. An equity loan is secured by the HOME.
If the home equity loan is thru the same lender you could have a problem. Contact the lender and see what can be done to keep this from happening.
A home equity loan is still a lien on your house and they can still foreclose. I think you mean the first mortgage is being paid timely on your home. You still have to pay the second timely too. Whatever the purpose of the loan, you took it out on your house.
Yes.