Only if the credit card an "equity line of credit" which is secured by a second mortgage on the property.
USUALLY IF YOU CONTINUE MAKING PAYMENTS NO LEGAL ACTION WILL BE TAKEN...THE ONLY WAY ANYONE CAN TAKE A HOME IS IF THEY FIRST SUE YOU AND WIN A JUDGEMENT. THEN IF THEY TRY COLLECTING ON THE JUDGEMENT AND THERE IS REASONABLE ENOUGH EQUITY IN YOUR HOME, THEY COULD FORCE IT FOR SALE OR JUST PUT A LIEN ON IT. PLEASE IF YOU GET ISSUED A SUMMONS, GET LEGAL HELP. EVEN IF YOU LOSE THERE ARE ACTIONS YOU CAN TAKE TO VOID JUDGEMENTS FROM THE COURT, ETC.
They can not force you to sell your house. This guy (the last poster) doesn't know what he is talking about. Credit Card Debt is UNSECURED which means they can not force you to sell your house to pay the debt.
The lender can foreclose the mortgage and sell the house to recoup its losses. You would lose the house. Your credit rating will plummet.
The bank has to successfully file to foreclose your home. You still have a period to redeem your house by making payments before the sale.
To get credit to build a credit score, you must take a loan out on something such as a car or a house and then make payments. The more you are on time, the better your score will be.
The lender is likely to report this to the credit reference agencies within a week of the default
Yes, but the cosigner will still be legally responsible for any outstanding fees, penalties, deficiencies and so forth that may occur due to the foreclosure. The cosigner's credit will also be significantly damaged by the foreclosure and any other action by the lender.
No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.No, if you ever hear of it, it is just a scare tactic that some debt collection agencies use. The only agency that can foreclose on your house is the bank or lending institution that holds your mortgage. And they can only foreclose if you are way behind in your payments.
There are laws and procedures regarding this, including notifying the owners of your intent to foreclose. A real estate lawyer would probably be a good idea.
If homeowners owe money on their HELOC (Home Equity Line of Credit), and are not paying the loan back, they can be sued for foreclosure. The HELOC is secured by the real estate, and the mortgage company has a lien on the home. When the borrowers signed for the line of credit, they agreed that the bank could foreclose on their house if they fell behind on the payments.
The mortgage payments must be made or the lender will foreclose the mortgage.
Yes, if you are not making payments on your home, the bank can foreclose. Even if you are paying something, if you are not paying the amount agreed to in the loan modification or original contract, the bank can foreclose. If bankruptcy is active, they may need permission from the court but if payments are not being made in a timely fashion the court generally grants permission to foreclose. The moral of the story - make your payments or the bank can foreclose!
Of course YOU WILL LOOSE YOUR HOUSE IF YOUR BEHIND ON PAYMENTS.
Yes. The mortgage requires you to make the FULL payment every month; failure to do so may result in foreclosure. However, in the United States (and probably in many other countries) most banks are willing to work with you to figure out a way for you to make the payments and keep your house. They'd rather have SOME money than to foreclose on the house and get nothing until the bank can finally sell it to someone else. If you can't make your house payments, then contact the bank and explain the problem.
The lender can foreclose the mortgage and sell the house to recoup its losses. You would lose the house. Your credit rating will plummet.
Depends on the local and state laws.
The bank has to successfully file to foreclose your home. You still have a period to redeem your house by making payments before the sale.
To get credit to build a credit score, you must take a loan out on something such as a car or a house and then make payments. The more you are on time, the better your score will be.
The lender is likely to report this to the credit reference agencies within a week of the default