Posted on: 13th Jul, 2011 01:37 am
I have a home equity line of credit with my mortgage company. I cannot pay on it anymore. Will my mortgage company foreclose on my house??
If you do not pay off the mortgage payments on time, the lender will have the rights to foreclose the property. However, if there is a first mortgage on the property, then foreclosing the property will make the second lender liable for paying the dues of the first mortgage lender. In such a situation, he may charge off the debts.
Yes they have the right to foreclose it. You have to deal with an expert to help you out before it ends up in foreclosure.
No doubt....deal with an expert...
Enough time wasted now...as pointed out succinctly by Niicss, the second lienholder isn't likely to begin a foreclosure action because they'd have to buy out the first mortgagee's interest in that action, which is not a particularly enticing thing to do for most secondary lenders.
If charged off, you still owe the debt and the lien remains as well. Ultimately, when you sell the home some day, they'll get their money if your sales price is sufficiently high.
Enough time wasted now...as pointed out succinctly by Niicss, the second lienholder isn't likely to begin a foreclosure action because they'd have to buy out the first mortgagee's interest in that action, which is not a particularly enticing thing to do for most secondary lenders.
If charged off, you still owe the debt and the lien remains as well. Ultimately, when you sell the home some day, they'll get their money if your sales price is sufficiently high.
