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eliez777 · Joined: 19 Mar 2010 Posts: 1 1.30 Dollars($)

Hi,

what is likely to happen if I continue to pay my mortgage but stop paying the equity line?

both are with same lender. property is worth about 50k less then 1st & 2nd combined.

Thanks,

Eliez.

Niicss · Posted: Mon Mar 22, 2010 3:29 am Post subject:

If you stop paying the second mortgage dues, the lender will charge off the loan. A collection agency can then contact you and collect the dues from you. This will have a negative effect on your credit report.

Posted: Mon Mar 22, 2010 1:20 pm Post subject:

Thanks. Can the lender take the house to foreclosure based on that?since they own the first too...

jameshogg · Posted: Mon Mar 22, 2010 11:04 pm Post subject:

Hi Guest,

It will be the lender's discretion whether or not he wants to foreclose the property. If he forecloses the property, the sale may recover the first mortgage dues. As far as the second loan is concerned, you will have to pay it off to the lender after the sale is over.

Thanks

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paying my mortgage but not my equity line