An $80000 equity line was issued on home A to use as down on home B. Home B has a primary mortgage of $310,000 issued by same bank. Home B is underwater by $135,000. Home A has a primary of $75000 from different bank. Can the bank force foreclosure on both homes?
An $80000 equity line was issued on home A to use as down on home B. Home B has a primary mortgage of $310,000 issued by same bank. Home B is underwater by $135,000. Home A has a primary of $75000 from different bank. Can the bank force foreclosure on both homes if home B goes into default?
Posts Tagged ‘Foreclosure’
Can a bank foreclose on a home with an equity line used as a down on a second home that is in foreclosure?
16
Aug
How does a home foreclosure process work?
13
Aug
If someone with an A paper loan goes into foreclosure because their home is worth less than half the value of the mortgage therefore bank does not approve short sale, and they lost their job, how does the process work? This would be for CA. And how long does it stay on the credit report and would existing credit card rates go up?
If I do a Deed in Lieu of Foreclosure on my house, can I continue payments on my home equity line of credit?
05
Aug
My husband and I have a house that is in his name only that we are going to do a “Deed in Lieu of Foreclosure” on. I don’t want my credit to be affected. We have a home equity line of credit on this house that is in both of our names, and I don’t want to default on. Can I continue to make payments as normal on the home equity line? I thought I read somewhere that if I lose the house, the total amount on the home equity line will become immediately due, but I’m not sure. Also, I live in Michigan.
How do I attain a home that’s in foreclosure?
31
Jul
This is the situation:
My father’s home is in foreclosure and it probably foreclose within a week. I would like to know how I can attain the home and recieve a home loan. I do not have anything for the down payment. I’m 20 years old and have no credit history though I have friends who would be living with me in this home with remarkable credit. Also, if I can get the home after it’s foreclosure, does my father have to sign anything to me? Really need help. Thank you.
I live in Los Angeles County btw.
Can a VA home loan be used to buy a home in foreclosure?
18
Jul
I’m in the military and interested in purchasing my first home. However most of the homes in my area are in foreclosure; the ones that are in my price range at least.
I called at one in particular but the realtor said that the bank doesn’t like going with VA b/c the foreclosure wants all the costs to be covered by the buyer.
Other than talking to a realtor (which is what I’m going to do on Monday anyways) can a VA home loan still be used to buy a home in foreclosure?
Couldn’t the closing costs just be included in the the cost of the home itself?
Oh and I’m residing in the state of Florida.
What circumstances would qualify a home foreclosure over a Short sale?
16
Jul
What would qualify a home foreclosure to be better than a quick sale?
I have a home with little to no equity: if I short sale I would be required to pay back the difference to the bank. Would It be better for me to just let the house foreclose?
Home equity line got charged/written off after foreclosure.?
06
Jul
I had to foreclose on my home last year. I had an equity line on that home for 25,000. I have never heard from the bank that I had the line with since the foreclosure. On my credit report it shows that line being charged off/written off. It has been over a year now and a new collection company is showing up on my credit report for that equity line and bank. I was under the impression that since the loan had been written off that I was done with that loan. I haven’t gotten any letters or calls from this collection agency. Can they try after a year to collect the money, if so how will they go about collecting the money. I really didn’t have much of a choice in the foreclosure. I had to relocate for work and tried ot sell the house for over a year. After a while I couldn’t afford the 2 mortgage payments. The state of this foreclosure was in Mi. Thanks
i need to know when finding a foreclosure home what are the loan stipulations?
04
Jul
i have already been approved for a loan. i found a place where the heating is missing.
If you lose your house because of foreclosure, are you still responsible for your home equity loan?
25
Jun
My usda home loan has taken so long the home I want is going into foreclosure. What should I do?
21
Jun
Does it really take this long? I have until Friday the 8th of Jan 2010 to close or the home goes into foreclosure. All I am waiting on is USDA. I’m all packed and we were promised we would know after a few weeks. Everything else is approved.
Im 21, can I get a mortgage for a foreclosure home?
08
Jun
Im 21, a bartender and make approx 25,000 to 30,000 a year. Ive had established credit for a few years now. I have an apartment for 7 months now, and all the utilities in my name and never even been close to being late on anything. What are the chances of me getting approved for a home loan, and if so how much do you think I could get?
I borrowed $ from a friend for a home (foreclosure) and now I want to pay her, what kind of loan do I need?
05
Jun
I’ve been making payments to her and I want to pay off the rest of the loan. I don’t know what kind of loan I should take out to pay her the rest of the money. Do I need to take out a mortgage or a 2nd mortgage, a home equity loan or a personal loan to pay my friend back?
Any one know how to get a FHA home loan or a no money down Foreclosure?? Any helpful answers would be great?
28
May
I want to buy my first home but I do not have great credit. With the economy the way it is I know theres foreclosed homes out there. I live in Northern Illinois. I can fix up alot of stuff but I need a loan. Any help would be great. Im not going to fix it up and sell it now more like in about 10-15 yrs so its not a money scheme thing. So like I said any help would be great.