loan to avoid foreclosure
Can they foreclose if I only default on my home equity loan, not my first or second mortgage?
I’m being forced to relocate for my job, and I’m trying to avoid foreclosure or a short sale- I’d like to try to keep current on as much of my debt as possible. My home is currently worth less than half of what I owe (in florida). I do not qualify for refinancing because ratio of the value of the house to loan value. The notes are held by Freddie Mac. I am hoping that they will write a portion off, with the understanding that I’m still paying on a value far higher than I could sell for. (Mortgages worth $17K, HELOC of $45K, current home resale value ~$110K. I just want to be able to rent it and keep my head above water. Help.
Yes they can. Home equity loans, home equity lines of credit are all mortgages. As such, they can foreclose if you don’t pay.
Good luck.
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