I have a home equity line of credit. I can’t afford to make the payments. Can the lender foreclose?
April 29th, 2009 by Jarad S.
Question: I have a home equity line of credit on my home in florida that I owe about $75,000 on. I owe about the same on my 1st mortgage that is with the same lender. If I can’t afford to make the payments on the line of credit but continue to make my 1st mortgage payments can the lender foreclose on my home?
Answer: – Yes, the 2nd can and most likely will foreclosure on your home, even if it’s the same lender because you are not meeting your obligation to them. It’s just a matter of time. You might try to do a Loan Modification especially if your 1st and 2nd mortgages are with the same lender
