Posted on: 08th Jun, 2010 09:36 pm
hi jessica,
i have two mortages with the same bank for one property that is under a shortsale. i also have a second property in good standing. question: can the collection agency of the home equity loan come after my second home? the short sale property went down in value to a market value of about 10,000. really low price. but thru no fault of my own.
i have two mortages with the same bank for one property that is under a shortsale. i also have a second property in good standing. question: can the collection agency of the home equity loan come after my second home? the short sale property went down in value to a market value of about 10,000. really low price. but thru no fault of my own.
Hi geeoroc,
The collection agency will come after you in order to recover the dues. In most cases, they won't come after your second home. However, if you do not pay the dues, the collection agency can threaten you stating that they may place a lien on your second property. But again, in order to do so, they will have to file a lawsuit against you and get a judgment for the same.
Thanks
The collection agency will come after you in order to recover the dues. In most cases, they won't come after your second home. However, if you do not pay the dues, the collection agency can threaten you stating that they may place a lien on your second property. But again, in order to do so, they will have to file a lawsuit against you and get a judgment for the same.
Thanks