Jul

2

what happens in a home equity default when the 1st mortgage is current?

Filed Under mortgage 

crisislooming asked:


If I can not pay a home equity line of credit with one bank but I continue to pay the 1st mortgage what action does the home equity line of credit holder take? Both loans are up to date, but I will be unable to pay the HELOC much longer. I do not live in the property in question. It is vacant and with a realtor but it is in Florida and the value is dropping almost daily due to the crisis in the real estate market in florida. Should I let the banks forclose?

Charlie
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    • Comments

    One Response to “what happens in a home equity default when the 1st mortgage is current?”

    1. ScottMortgageExpert on July 4th, 2009 5:34 am

      The status to refinance even vacant almost year it going but it has been vacant with realtor and what your home in your realtor list this for rent am sitting on you period am.

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