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sunsirai
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 Posted: Sat Nov 29, 2008 10:10 am Post subject: Do you have to continue to pay a "charge off" 2nd |
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I have a home equity line of credit that my bank says it will charge off if I can continue to make my first loan payment on my condo. I don't know if I really believe this as another person I know was told that the bank that holds her second through a HELOC loan will foreclose on her home if she cannot make the payments. Her situation is that she cannot make the primary loan payments either. As for my situation, due to a job change where I will be making significantly less money, I can only afford the first loan , and that is all. My condo's is now worth $100,000 less than what I paid for it. Will the bank foreclose on my condo if I can no longer make the second loan payment even if they have agreed to charge it off?
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 banker0679
Community Experts
Joined: 15 Nov 2007
Posts: 332
Location: Charlotte, North Carolina
1.41 Dollars($)
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| Posted: Sat Nov 29, 2008 1:22 pm Post subject: |
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Will the bank foreclose on it? Nobody knows but we do know that they CAN foreclose on it.
Depending on the state you live in..they may also come after you for the balance after the foreclosure
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Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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| Posted: Tue Dec 02, 2008 1:47 am Post subject: |
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Hi sunsirai
As they have said that they will charge off the loan, I don't think they will foreclose the property. You should also remember that charge off does not mean that they have forgiven the loan. It only means that they have sold your loan to a collection agency who will in turn collect the loan dues from you.
Thanks
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