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Yes. The documents you signed gave the bank the right to foreclose if you don't pay the underlying debt.
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∙ 14y ago
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Should you use your home equity loan to pay off your car loan?
I would need more details but in general, the answer is no. If you don't pay your car loan, you lose the car. If you get a home equity loan and can't repay it, you lose the house - big difference.
When you refinance your home do you lose your equity?
No, you should keep the equity in your home
Can you use a home equity loan for a down payment on a SBA loan?
Yes, one may use a home equity loan for a down payment on a Small Business Association loan, however, prior to doing so one needs to be sure that the change in leverage does not impact the structure of the SBA deal. For example, the SBA may have approved the business for a certain amount of money based on both the cash flow profile of the business and the ability of the principal to pay back the loan (through existing assets like home equity). If the home equity loan changes the relative amount of perceived protection that the proposed structure has, one may (1) lose the loan or (2) have to settle for less.
I can't refinance due to my home equity line of credit and cannot make the monthly payments on that- should I pay off my HELOC loan with my 401k in order to refinance my home?
You need to seek professional debt counseling or you're going to lose everything. Get some professional help.
What is the best way to refinance a home loan rate?
The best way to refinance a home loan rate is to obtain another loan without having a mortgage. In this way in the event of inability of payment, the customer will be insured and not lose own home.
Should you use your home equity loan to pay off your car loan?
I would need more details but in general, the answer is no. If you don't pay your car loan, you lose the car. If you get a home equity loan and can't repay it, you lose the house - big difference.
What are equity loans and how can I get one?
A home equity loan or line of credit (heloc), can be obtained from a bank while putting up collateral. In most cases, this would be your home..in other words, if you fail to make a payment on this type of loan, you can lose your home..so in this economy, be careful!
When you refinance your home do you lose your equity?
No, you should keep the equity in your home
Can you use a home equity loan for a down payment on a SBA loan?
Yes, one may use a home equity loan for a down payment on a Small Business Association loan, however, prior to doing so one needs to be sure that the change in leverage does not impact the structure of the SBA deal. For example, the SBA may have approved the business for a certain amount of money based on both the cash flow profile of the business and the ability of the principal to pay back the loan (through existing assets like home equity). If the home equity loan changes the relative amount of perceived protection that the proposed structure has, one may (1) lose the loan or (2) have to settle for less.
Will using home equity to pay off a large high interest rate student loan increase the risk of losing the home if payments are not made?
If you borrow against your home to pay off ANY type of debt and then do not make the payments, you can lose your home to foreclosure.
If husband and wife is on the loan for a home and the wife goes bankrupt will the husband lose the home?
if they cant pay for it they will lose the home
What are the dangers of consolidation of debt?
You could lose your home if you default on a home equity loan. A zero percent credit card's low rate will only last as long as you pay on time. One late payment and the credit card company will jack up the rates.
What happens if you dont make any payments on your car loan?
u eventualy lose your car
Do you how to get a home equity loan?
Be very careful when looking into Home Equity Loans, since there's still a lot of predatory lenders out there. Unscrupulous banks will give you a loan that they know you'll have a hard time paying off, so that they can swoop in a couple years down the road, foreclose, and profit from selling your house, while you lose everything. Talk only to reputable banks, and if you get told "No" more than once or twice, take that as a good indicator that you can't really afford it.
I can't refinance due to my home equity line of credit and cannot make the monthly payments on that- should I pay off my HELOC loan with my 401k in order to refinance my home?
You need to seek professional debt counseling or you're going to lose everything. Get some professional help.
If you buy gm now and they go bankrupt you lose your money?
That's generally what happens when you make a bad investment. Stock is equity...ownership....not debt or a loan to the Company.
What is the best way to refinance a home loan rate?
The best way to refinance a home loan rate is to obtain another loan without having a mortgage. In this way in the event of inability of payment, the customer will be insured and not lose own home.
