Posted on: 16th Sep, 2010 11:09 am
If I foreclose on my home, I owe the mortgage holder 98,000 which they could get selling the house. I owe my credit union about 20,000 for an equity line I used to pay off debts. If I foreclose to the mortgage holder can I still continue paying my credit union for the equity line? If the mortgage holder sells the house for less than I owe, then will I still see a deficientcy balance from them? Will it help me to turn the house back to the lender before I am several months behind in the mortgage?
Hi Guest!
Welcome to forums!
Though you let your first lender foreclose the property, you would be liable for paying the equity line to your credit union. The credit union won't forgive the loan. If the first lender sells off the property at a lower price, you will be liable for the deficient amount.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Though you let your first lender foreclose the property, you would be liable for paying the equity line to your credit union. The credit union won't forgive the loan. If the first lender sells off the property at a lower price, you will be liable for the deficient amount.
Feel free to ask if you've further queries.
Sussane