If you miss just one or two mortgage payments the bank will not take your property. Its a lengthy process which takes about 6 to 8 month. If you missed a mortgage I would suggest to be in contact with the bank and to let them know when you will make the missed payment.

Powered by

We have (2) loans, our mortgage and a line of credit on our home equity. my husband lost his job and we were trying to keep up the payments on our mortgage. when he paid a payment he used a payment coupon for the mortgage loan. instead of applying the whole payment to our mortgage, the bank put some of the payment towards (1) month of the mortgage loan and the rest towards the home equity loan. so now we are still (1) month behind on our mortgage payment and the home equity loan is paid for about (4) months ahead of time. we are trying our best to keep this house. yes my husband used a payment coupon with the loan number on it and he received a receipt for the amount and the loan number was on the receipt also.

I would highly recommend a real estate attorney in your case.

Powered by

I am ready for foreclosure. i cannot afford any more payments. i have two cars that are fully paid and i am just wondering if a bank can repossess or put a lien on them?

Nope. They only have the right to your home. Bankruptcy - would give them the right but not foreclosure.

Powered by

I have an agreement with the owner of my home to take over full payments until i could get a mortgage for the home. at the time of the agreement i was still in college and didn't qualify (tip income) financially. per our agreement, i have built about 7,000 in equity over the last four years. will a lender allow me to use that as down payment? if not, any suggestions. i have all the paperwork for the agreement and bank statements to show house payments.

It depends on how the contract is worded. In some cases this can actually be treated as a refinance instead of a purchase which will allow you to utilize the existing equity for qualifying purposes.

Powered by

Does anyone know the address to send in a mortgage or equity line payment to bank of america??? thanks

It should be listed on the paperwork or bill

Powered by

If we can no longer pay the equity bill and our house payment i will have to choose the house payment.can the lender of our equity loan take our house when i still have a mortgage with another bank?how does that work?hopefully i will be able to pay both but i have just been wondering?

You're in a pickle, for sure. If you borrowed against your home equity, that lender certainly can take your house - and then the holder of your primary mortgage can sue you because you no longer own the collateral on THAT loan - the house! You'd best retain an attorney right away - or you'll not only be out on the street, but up that famous creek without no paddle! You cannot afford NOT to get a lawyer, kiddo!

Powered by

Iam trying to make arrangements to bring this loan up tp date.but need time to accumilate the needed funds.becasue iam also late in my first mortgage.this is why i have began to think about this.should i close my checking account and open another one so at least i can other obligations.or am i safe,is it ilegal for banks to take this action.because credit unions do this.iam very concernedmit would not help them or me.

have you called the mortgage company to explain. Believe me..they will work with you. There are way to many homes going into foreclosure right now. The government has ordered banks to work out plans with people so they can save the loan. The gov. can't afford to jump in and head up this foreclosure crisis. They are already hooking up citibank and another lender that is 400 billion in the hole. Call them..explain your situation. great luck to you. Happy Holidays! This is only a speed bump!

Powered by

We had a loan with a bank,we appliad for a mortgage loan and was approved for it the mortgage co took the bank off as first securd party and put there name in itwe stoped making payments to the bank the bank waited untill we was two payments be hind and sent a forclose noites the mortgage co was waiting for the bank to send a letter saying we was up to date with our house payments the bank has forclosed on us and have evicted us out of the house we lost 43,000.00 in equity the bank stoped all mortgages loans and the sale of the house what can i do

You can get information on how the bank is regulated (State or Federal and which agency) on its website. If you suspect foul play, a letter to your State's Attorney General is a good place to start. Good Luck!

Powered by

I had over 20% equity before the housing crash. it is gone now because of all the foreclosures caused by the sub-prime loans that they funded. the poeple with the subprime loans are getting rock bottom interest rates and even principal lowered. yet i am stuck with my high interest rate because i bought a house i could afford and made my payments.

Probably not. The banks didn’t cause this problem. The government and its social engineering politicians did. Most of the sub-prime loans were made under pressure from the government and its CRA guidelines. In many cases, the banks forgave part of their principal and lowered interest rates to avoid foreclosures. If you lost your equity because of the housing bubble burst, you would have been far worse off if we had even more foreclosures. You should write your congressman and your senators to protest the social engineering engaged in by Washington. Banks don’t deliberately make bad loans, but they were given very little leeway by the government. So you and I paid a heavy price to keep unqualified buyers in their homes. Those of us who bought homes we could afford lost most or all of the equity in our homes, and as taxpayers and shareholders in the banks that held the bad loans, we absorbed much of what the banks lost. So we got a double whammy. When the government interferes in the credit markets in the interest of social engineering, we all take a hit. Many of the “homeowners” who got relief are still having trouble making their payments and will eventually lose their homes . And, with foreclosures on their records, most of them will never be able to qualify for a mortgage loan in the future. Most of our politicians are lawyers who have never taken a course in accounting, economics or finance. They don’t know what they are doing – other than buying votes for themselves. They steal our money to buy our votes. We should vote them all out in future elections.

Powered by

I have a bout 100,000k in home equity that i used and make payments monthly, i am trying to get a modification on my home mortgage, so at the same time do home equity loans get modification as well, if i call the bank of america (my equity loan provider) can i ask for modification on the equity loan?

You can... but why?? Equity lines have floating rates.. not fixed...