We have a 2nd mtg that was charged off and the lender is refusing to work with us any longer, what can we do?
Answer:
if you have an equity line of credit that means your property is collateral for that loan
and if it's not paid they can take it
Any of these help?
http://personal-wealth.blogspot.com/..
http://www.quazen.com/home/personal-fina.
They might be able to, is your second mortgage a large amount. Why won't they work with you anymore. Have you been paying them an agreed amount. If you have been paying them on a timely basis they can't just not accept payments anymore unless you have defaulted on your payment arrangements. If you have they are well within their right to take action. Call an attorney asap.
I have never heard of anyone loosing a home to a lender on an equity line. They will most likely mess with your credit. If worse REALLY comes to worse they may want to take you to court to get their money, and a judgement (bill you have to pay back) will be placed on your home. You may have some clause that states if you are unable to pay that your interest rate doubles or something.
Talk to the mortgage company that has your first mortgage loan. They may be able to walk you through something because they know you pay your first mortgage.
Hmmm, I am sure they have put a lean on the property, and they won't be able to do very much at this point. The collateral is the equity in your home, which they won't have access to until you sell. By keeping up with the first, shields you from them taking posession. The first mortgage is your leverage. An equity line is not a second mortgage. Your credit will take a big tumble. Have you spoken with the lender who has the first? How did Jenifer know what I was going to say?
Yes the company may force you to go into foreclosure for the default on the home equity line of credit.
Contact me to see if there is really nothing that can be done now.
Randy
If you have equity this can be done -call a mortgage broker -forget individual banks. Brokers have access to 40 or 50 lenders + private money if needed.Good Luck !
Yes they can bring it into foreclosure but it still takes time. Keep making your payments on time. Check with the first mortgage company to see if there is anything that they can do to help.
The answers post by the user, for information only, BAnswer.com does not guarantee the right.
Other Questions and Answers: