Posted on: 18th Feb, 2011 03:07 am
have home equity loan on my home, went to bank to get second loan to add on to home. bank did appraisel and approved second loan. signed 3 month building loan papers and was told after build would combine loans to one or just create second loan. after build bank called and said can not place second need to find another bank.
bank has put me on forebearance for 2.5 years now paying interest only and is of no help. local bank has been instructed not to talk to me. also have figured out from the beginning the ltv is above 80%. first can they do this and do i have any options. to me this is the banks fault so why should the bank be able to foreclose on my homestead property. please help...
bank has put me on forebearance for 2.5 years now paying interest only and is of no help. local bank has been instructed not to talk to me. also have figured out from the beginning the ltv is above 80%. first can they do this and do i have any options. to me this is the banks fault so why should the bank be able to foreclose on my homestead property. please help...
I'm sorry to say I don't comprehend what has taken place here.
The "second loan" you mention was to come from what source? Was it the same lender from whom you got the home equity loan? That would seem to be what you've begun to say in the opening of your post. But why did you get a call indicating that the "second loan" wasn't going through?
How is it that "local bank has been instructed not to talk to" you? Were you dealing with a branch of the bank rather than the main office? As for the LTV, were you unaware of this to begin with, or did the appraised value come back lower than hoped for?
You said "can they do this?" What is the "this" that you are asking about - forbearance...declining the second loan...foreclosing? Your finale concerns a foreclosure...have they begun such an action?
Frankly, I'd suggest you find a real estate attorney to guide you through this situation. That would enable you to learn your rights and responsibilities as far as the homestead, the lien (liens?), the foreclosure and the aftermath of the chapter 7 you cited.
The "second loan" you mention was to come from what source? Was it the same lender from whom you got the home equity loan? That would seem to be what you've begun to say in the opening of your post. But why did you get a call indicating that the "second loan" wasn't going through?
How is it that "local bank has been instructed not to talk to" you? Were you dealing with a branch of the bank rather than the main office? As for the LTV, were you unaware of this to begin with, or did the appraised value come back lower than hoped for?
You said "can they do this?" What is the "this" that you are asking about - forbearance...declining the second loan...foreclosing? Your finale concerns a foreclosure...have they begun such an action?
Frankly, I'd suggest you find a real estate attorney to guide you through this situation. That would enable you to learn your rights and responsibilities as far as the homestead, the lien (liens?), the foreclosure and the aftermath of the chapter 7 you cited.