Foreclosure University Forum

Equity line of credit and loan modification (Home Equity Lines of Credit)

by Emma, Friday, August 23, 2013, 08:48 (1672 days ago)

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?


Equity line of credit and loan modification

by foreclosureuniversity ⌂ @, Thursday, March 06, 2014, 20:28 (1477 days ago) @ Emma

Yes, they can still foreclose and eventually will if you don't make payments to them. Your best options is to try and workout something with the bank. Maybe they can add what you owe on the back of the loan and then you can continue to make monthly payments to them. Keep working with them on lowering the interest rate as well.

Good Luck

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