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Collateral

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bjsflowers

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Post Posted: Tue Nov 10, 2009 12:03 pm    Post subject: Collateral
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We bought a property 2yrs ago. It was on a construction loan
with 56 acres as collateral. We had another home in MD which
we were unable to sell. We then let the home go, and filed a
Chapter 13 to save our present home. Now the judge has ruled
in favor of Wells Fargo. ? If Wells Fargo forecloses, do they keep
the land also? Note- We make enough to pay the mortage.

Thanks,
bjsflowers

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Post Posted: Tue Nov 10, 2009 1:59 pm    Post subject:
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If the land is collateral on the loan, then they would have the right to sell it in order to recover their principal - that's the whole point of having security I believe.

If you can pay the mortgage, thats probably your best bet.

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Post Posted: Tue Nov 10, 2009 2:00 pm    Post subject: Foreclose
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Please clarify the question.

Which home did you let go, the home in MD or the new construction and the land.

Which home is Wells foreclosing on, MD or the land???

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John Veenstra, Sr Mortgage Consultant
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bjsdryflowers

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Post Posted: Tue Nov 10, 2009 7:29 pm    Post subject:
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Hi John,
We let go of the home in MD. The collateral was on the land in
TN which Wells Fargo is foreclosing.
Thanks, for answering.
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