I am about 6 months behind and dealing with Katrina and marital issues.
2006-10-28 13:05:09 · 4 answers · asked by airforcebunny 1 in Business & Finance ➔ Credit
Yes they can. There are varying degrees to what they can do, as well. They may simply add more to your payments, or they may sieze your property.
2006-10-28 13:13:08 · answer #1 · answered by Richard H 7 · 0⤊ 0⤋
If your loans goes into default (which it has) they could take your property with all the money paid to date. You could end up with nothing. They probably do not want your property. They would rather have the money. If you force them to take the house, they would put it on the market and still could charge you for the remainder of the loan of what the sale of your home doesn't bring in. Your may be better off to sell, try to get what you can for your home and get out from under the loan. Or get the payments up to date and you will gain some breathing room. Even if it is an unsecured loan they can and will put a lien on your home. Then you can't sell it without the loan company getting their share.
2006-10-28 13:27:45 · answer #2 · answered by friendly advice from maine 5 · 0⤊ 0⤋
It depends what type of loan it is... secured or unsecured.... if it is a secured loan it meant that you needed to put your home up as collateral and then they can take it.... but if it is unsecured then they get nothing. They would need to take you to court and that is a long process.
2006-10-28 13:15:44 · answer #3 · answered by wickedly_funny66 5 · 0⤊ 0⤋
Is the loan for your property? If yes then they will foreclose on the property.
2006-10-31 14:56:06 · answer #4 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋