Question: I have a first and a home equity line of credit. Payments stopped being made on both of them almost one year ago. However, I applied for a loan modification on both, and due to a bank error, only the first was modified. The equity line was sent to a collections agency. I am in the final stages of modification on the first. If my first is modified, what happens to the equity line of credit? Can they still foreclose?
Answer: – The answer is Yes. Your second mortgage can still foreclose if you don’t make your payments. The first mortgage has nothing to do with the 2nd mortgage unless it’s with the same bank. For some reason, it seems as though some homeowners think that if they don’t pay the 2nd it will just disappear. So they keep paying the first mortgage and forget the 2nd. Well eventually they will foreclose. [Read more…] about Loan modification on first but not home equity line of credit. Can they still foreclose?
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