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Can Default On A Home Equity Loan Cause Foreclosure?

I was coerced into taking a home equity loan along with a mortgage refinance four years ago. The max on the loan was 15,000, of which we spent around 9,000. Since the time we did this, the monthly payments have continued to climb because of the high interest rate, and late fees. The loan has been maxed out for several months. In February we turned the account over to a credit counseling agency we are using. Today I received a summons that will account for nearly 20,000. I have never had a late mortgage payment; can I end up losing my house because of the home equity loan?

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This entry was posted on Thursday, May 21st, 2009 at 3:06 pm and is filed under Home Equity Loan Q&A. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.


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