advise me please - Posted by lisa

Posted by Rich-CA on November 25, 2008 at 11:10:02:

What state are you in? A lien such as you are talking about would require a court order. If the foreclosure happens through a trustee sale, then the sale ends their claim on your other property or wages.

advise me please - Posted by lisa

Posted by lisa on November 25, 2008 at 03:07:43:

I have two houses one I have an equity line of credit I took out if I walk away from this house that I have taken an equity line of credit on and can not pay payments can they put a lien on my other house. I am very concerned. Also I am wondering if I do not pay the taxes on this house what would happen.

Thank you

Re: advise me please - Posted by DJ-nyc

Posted by DJ-nyc on November 26, 2008 at 13:12:33:

Call up the banks involved. Right now a massive loan modification crusade is going on. Don’t give up. Take it one step at a time; get counseling from a non-profit. Keep your properties - Obama says help is on the way…

When you ‘walk away’ you open the door for creditors to do whatever they want to get their money. You may be able to get the rates down or the payments put at the back of the loans. Question: what is the REAL reason you want to walk away? That is what needs to be addressed. Just my 78 cents.

DJ-nyc