I enjoy mortgage of $80,000 equity vein of $90,000 can they foreclose if you take home the first return but not 2nd?
Answers:
Your equity dash has no minimum payment. It will newly keep on accruing interest.
However, that equity strip IS secured by your house, so, yes, the bank can call the loan and force you to deal in the house to pay it off. Not expected, but they could.
They can definitely foreclose. I have see it happen. The 1st lien holder usually has priority over the second, but given that the equity rank is larger, they will most likely attempt to foreclose, is the equity line near the same lender as the 1st mortgage? Try this web site for some information that might assist you understand the process:
http://www.foreclosure.com/statelaw_CA.h…
Good luck. Source(s): 10yrs of Real Estate sales experience.
Yes
They cannot foreclose as long as you keep your 1st mortgage current. Sorry that you are in that situation.
In theory yes the second can foreclose, in veracity it depends on the amount of equity if any you have in the house, see when the second moves to foreclose it must wages off the first to gain free title, so if negative equity surrounded by the house the second lender may wait to foreclose since they would gain nothing from the foreclosure depending on the merit of your home
Why bother making the 1st.. I know what your up too.. Enjoy Mexico and drink one for me..
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