Posted on: 20th May, 2010 10:21 pm
can a lender of a home equity loan for 200,000.00 , (the houses worth has dropped approx.60k since initial purchase in 2000) foreclose on my house and take it away if the primary mortgage lenders payments are current? a bankruptcy is a high possibility!!! az resident
The lender who owns the home equity loan has the rights to recover his dues. He can foreclose the property though your first loan is current. However, after he forecloses the property, the second lender will have to satisfy the dues of the first lender.
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Hi Obrien,
Even if you are current in your primary mortgage the lender who owns the home equity can foreclose to recover his dues. It is better that you speak with both the lenders and try to settle the matter. Consult with a good attorney to get detailed information.
Hope this will help.
Even if you are current in your primary mortgage the lender who owns the home equity can foreclose to recover his dues. It is better that you speak with both the lenders and try to settle the matter. Consult with a good attorney to get detailed information.
Hope this will help.