Posted on: 14th Apr, 2009 07:25 pm
Hello,
I have a line of credit of 100,000 and I recently lost my job. If I stop paying it , they would put a lien on my house but would the interest acrue. ? I tried refinacing but I dont have equity to consolidate.
I have a line of credit of 100,000 and I recently lost my job. If I stop paying it , they would put a lien on my house but would the interest acrue. ? I tried refinacing but I dont have equity to consolidate.
hi milly!
welcome to forums!
if you do not have equity in the property, then the lenders would not refinance the mortgage. if you cannot pay the mortgage, then the lender will first foreclose the property and sell it off to recover the debts. if he cannot recover the dues, then he may place liens on your other properties or can garnish your wages.
feel free to ask if you have further queries.
sussane
welcome to forums!
if you do not have equity in the property, then the lenders would not refinance the mortgage. if you cannot pay the mortgage, then the lender will first foreclose the property and sell it off to recover the debts. if he cannot recover the dues, then he may place liens on your other properties or can garnish your wages.
feel free to ask if you have further queries.
sussane