Posted on: 16th Oct, 2010 10:43 am
I have two loans with local/national bank one home that has $300K equity and one boat that is $200K upside down with no market to sell without $200K hit. If i cannot pay the boat will they come after the other? How do i protect house? Can I get a modification?
Welcome jdshep,
If you cannot pay off the boat loan, then the lender can repossess the property and sell it off at a foreclosure auction to recover the dues. However, if there is a deficient amount resulting from the sale and if you can't pay it off, then the lender can place a lien on your home.
If you cannot pay off the boat loan, then the lender can repossess the property and sell it off at a foreclosure auction to recover the dues. However, if there is a deficient amount resulting from the sale and if you can't pay it off, then the lender can place a lien on your home.