Can a dune foreclose on your residence for getting at the back on a home equity loan ?
I thought a home equity or a heloc as sometimes referred to can only take commotion if the first mortgage institution forecloses on the property. Can a second position initiate foreclosure?
Answers:
Of course that is why the home is used as collateral and the home equity people hold just as much of a right as the Primary lender to foreclose and get their monies.
Of course. They have a lien on the house as collateral, if you do not pay they will foreclose. Why would the lend you money if they have no recourse? No one would pay them if that was the shield.
Yes! All they need to do is reimburse off your principle mortage holder after forclosure and they own the house, or they can let the principal mortgage holder rate them off and they then draw from the house. Usually that is profitable either road since real estate increases in attraction. Most of them won't forclose just because you are late on one donation so if you are that far behind you leave them no choice.
Yes, you already agreed to contribute them your house if you flaked on your commitment to pay them back the money they give you.
They can, and will foreclose if you give them no other options. You took their money, you involve to pay if back simply like any other loan.
YES DUHHH
yes -- they can foreclose
afaik, near is no state or foreign jurisdiction [WHERE is this?] that restricts such forecloses ... the point of taking a secured position in the house is to make sure you put together your payments and, if you don't, that there is some hope of getting their money back out of the house.
oh
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Answers:
Of course that is why the home is used as collateral and the home equity people hold just as much of a right as the Primary lender to foreclose and get their monies.
Of course. They have a lien on the house as collateral, if you do not pay they will foreclose. Why would the lend you money if they have no recourse? No one would pay them if that was the shield.
Yes! All they need to do is reimburse off your principle mortage holder after forclosure and they own the house, or they can let the principal mortgage holder rate them off and they then draw from the house. Usually that is profitable either road since real estate increases in attraction. Most of them won't forclose just because you are late on one donation so if you are that far behind you leave them no choice.
Yes, you already agreed to contribute them your house if you flaked on your commitment to pay them back the money they give you.
They can, and will foreclose if you give them no other options. You took their money, you involve to pay if back simply like any other loan.
YES DUHHH
yes -- they can foreclose
afaik, near is no state or foreign jurisdiction [WHERE is this?] that restricts such forecloses ... the point of taking a secured position in the house is to make sure you put together your payments and, if you don't, that there is some hope of getting their money back out of the house.
oh
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