Posted on: 05th Apr, 2010 06:38 pm
Current on my 1st MTG. Unable to pay HELOC. I am now 3mo. behind. Can they forclose on my property?
1st is about 400K.
Heloc is 90k
Property worth about 480K per Dept. of finance/taxes.
Can I seek modificaiton or settlement on the HELOC?
1st is about 400K.
Heloc is 90k
Property worth about 480K per Dept. of finance/taxes.
Can I seek modificaiton or settlement on the HELOC?
Hi picture!
Welcome to forums!
You should contact the second lender and apply for a modification with them. Depending upon your hardship and financial situation, the lender may or may not approve you for a loan modification.
If you do not pay the dues, the second lender has the rights to foreclose the property. However, they do not do so as they will have to satisfy the first lender's dues. There are high chances that the lender will be able to charge off the loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You should contact the second lender and apply for a modification with them. Depending upon your hardship and financial situation, the lender may or may not approve you for a loan modification.
If you do not pay the dues, the second lender has the rights to foreclose the property. However, they do not do so as they will have to satisfy the first lender's dues. There are high chances that the lender will be able to charge off the loan.
Feel free to ask if you've further queries.
Sussane