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

July 2nd, 2009 | by admin |
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
Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages.
  • Digg
  • Bumpzee
  • del.icio.us
  • Facebook
  • Furl
  • Mixx
  • NewsVine
  • Reddit
  • StumbleUpon
  • YahooMyWeb
  • Google

  • Can a default on a 2nd mortgage cause the the 1st to go into foreclosure if payments are current on the 1st?
  • How does a 2nd mortgage work from the lender’s perspective?
  • How my credit will be affected & the possibility of keeping my home should I default on my 2nd mortgage?
  • can an overdue 2nd mortgage put home in default if 1st mortgage is timely?
  • What happens if you default on a mortgage and they sell your house for more than you owe?
  • If I have 2 homes and default on 1 mortgage, does the bank come after the 2nd home too?
  • If someone dies and they were the only one on a 2nd home mortgage, will going in default ruin spouses credit?

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

    2. By ScottMortgageExpert on Jul 4, 2009 | Reply

      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.

    Sorry, comments for this entry are closed at this time.