Mar
2
waddle02 asked:
Say the 2nd mortgage is substantially less than the value of the house. Let’s say the value of the house is at $300k, and the first mortgage (the one on the house) has $40K left. You take out a home equity of $20k. What happens if you default on the home equity, since they can not foreclose on your house since the value is much higher than the borrowed amount.
Sharon
Say the 2nd mortgage is substantially less than the value of the house. Let’s say the value of the house is at $300k, and the first mortgage (the one on the house) has $40K left. You take out a home equity of $20k. What happens if you default on the home equity, since they can not foreclose on your house since the value is much higher than the borrowed amount.
Sharon
Comments
2 Responses to “What happens if you put your house up as collateral for a 2nd mortgage?”
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