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Real Estate Question,details below?
A house is up side down on Mortgage,with a HELOC in 2nd position.Will the House go into foreclosure or anyway to stop that?
3 Answers
- Ed AtunLv 79 years agoFavorite Answer
This is the huge dilemma facing many homeowners. The house will go into foreclosure as soon as the owner stops making payments. A homeowner will continue paying if his/her employment is good.... or if he/she thinks that real estate values will improve in the future.
You can stop a foreclosure by negotiating with the bank to lower the payments. Or by selling the house for less than the loan amount (short sale). or by declaring bankruptcy (it delays the foreclosure for 6 months... in some cases the 2nd loan is wiped out)
- D.E.B.S.Lv 79 years ago
You say nothing about the payments. If they are up to date there is no reason why foreclosure would ever be an option. Legally the lender would not be able to do this. If payments are being missed that is a different story, but that wasn't part of your question.
- Anonymous9 years ago
One way to stop foreclosure is to hire a lawyer.
