What happen if I foreclose on my mortgage? Will they audit the record if I go stated income?
Also I have a first mortgage and also an equity line. I still enjoy money on the equity line. If i spend that before I foreclose will I become liable for that money?
Answers:
Well if you overstated your income i.e. in fact fraud, and if foreclosed you will owe adjectives the monies that are still due after the auction of your home, yes you will liable for the equity line monies left over, again why use them that would smooth away any equity you may have (housing prices have gone down so you might not own that) and put yourself in worse shape.
yes, Y dont you use that money to prevent your from foreclosure. foreclosure is a very horrible thing on your credit. and oh yeah you are liable if you spend it
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I need $40,000 to $50,000 (have approx. $140,000 in equity). I am prepared to pay just in the region of any interest but need this quickly. Have low FICO and am facing defaulting right now it is going to be...
Answers:
Well if you overstated your income i.e. in fact fraud, and if foreclosed you will owe adjectives the monies that are still due after the auction of your home, yes you will liable for the equity line monies left over, again why use them that would smooth away any equity you may have (housing prices have gone down so you might not own that) and put yourself in worse shape.
yes, Y dont you use that money to prevent your from foreclosure. foreclosure is a very horrible thing on your credit. and oh yeah you are liable if you spend it
Related Questions:
I obligation a private party or lender for short occupancy second mortgage?
I need $40,000 to $50,000 (have approx. $140,000 in equity). I am prepared to pay just in the region of any interest but need this quickly. Have low FICO and am facing defaulting right now it is going to be...