Posted on: 08th Aug, 2009 11:28 am
[font=Arial:34303ab462][/font:34303ab462] I am in big trouble. House with Mortgage is 321K, HELOC is 41K and I can only get 250K-265K. I have consulted attorneys and one says that Chase will make you sign a promissory note for the difference to repay in 5 yrs. That means my payments will be more then they are now. Also, I have another house that is a retained life estate. Does anyone know if that can be attached and the promissory note issue?
If you only have a life estate rights to the other property, then I don't think the lender would be able to include that in the promissory note or place a lien on that property.