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?
Posts Tagged ‘Can’
Can Default On A Home Equity Loan Cause Foreclosure?
Thursday, May 21st, 2009Can I Skip My Last Mortage Payment And Use It To Pay $1000 Off Of My Home Equity Loan Before Closing?
Wednesday, May 20th, 2009I have a Mortgage payment due Novemeber 1. The place is going to be sold Novemebr 14. I was going to take the money I would use to pay the mortage and take $1000 off of the home equity loan (Principal) so it is that much less that I have to pay out of pocket at closing. Is this smart or dumb?
