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can home equity loan go to foreclosure?
Posted on November 27th, 2009 3 comments
rubie00 asked:
When my house was worth something a few years ago I paid of an existing mortgage with a 30year fixed home equity loan. I also took out a small home equity loan for improvements. I had a ton of equity but now i don’t. House has been on market for 3 years since getting divorced and no offers. I have it priced well below what i owe but still cant lower it enough(don’t have enough money to pay the difference) My ex-husband lost his job so he’s unable to pay his portion on the vacant house. Can I do a deed in lieu of foreclosure on home equity loans? Is there a way to prevent oweing after foreclosure?
1) if it’s a first lien on the property by virtue of paying off the original mortgage, yes it can.
yes it is first lien(2) Deed in lieu would be up to your lender; and you might still owe the difference between sale price and fees and what you owe.
which is why i’m giving my house back because i can’t come up with the difference of what i owe, what the house is worth and what i can sell it for. I owe 203k and its listed for 170k which after commission and fees i would need 40k to pay off loan. However, that would be that i actually got an offer. For the house to sale it needs to be listed around 159k
CLAIRRenting & Real Estate 3 Years, Deed In Lieu Of Foreclosure, Existing Mortgage, Fixed Home Equity, Fixed Home Equity Loan, Foreclosure House, Foreclosure Loans, Home Equity Loan, Home Equity Loans, House Sale, Improvements, Job, Money, Original Mortgage, Virtue3 responses to “can home equity loan go to foreclosure?”
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(1) if it’s a first lien on the property by virtue of paying off the original mortgage, yes it can.
(2) Deed in lieu would be up to your lender; and you might still owe the difference between sale price and fees and what you owe.
YOu need to be talking to your lender.
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If you home has enough equity to satisfy all liens senior to the one being foreclosed, they can to it and make money. What ever liens are junior to it will still be your responsibilty.
The only way to stop the foreclosure, is to negotiate payments with or pay them off! If you don’t you will loose all the equity in your property and still owe the junior lien holders. ACT FAST time is your enemy!
There may be a chance that this loan is defective, you may want to talk with a consumer rights attorney.
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wizjp December 1st, 2009 at 05:20