Compare Mortgage Quotes

kim090807 · Joined: 20 Sep 2009 Posts: 55 -0.01 Dollars($)

What happens if I default on a home equity loan?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

That will for sure impact your credit report

The lender may come after you or sell it to a collection agency and they cna come after you

Any one of them can take pocession of yoru assests after a judgement

There is a good possibility that they may also take out money from yoru checking and savings account

jenkin7 · Posted: Mon Oct 12, 2009 2:19 am Post subject:

Hi kim,

When you signed the mortgage promissory note, you promised to pay off the loan in full. If you default on the loan, the second loan holder is most likely to start foreclosure proceedings on your properties to recover the outstanding balance. In case the sale of the house does not repay the loan in full. They will come after you for the deficiency and obtain a judgment against you, if you do not pay it off.

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1