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Question

The bank is foreclosing on the mortage loan, they are trying to make us pay off another loan as well. We, can re-finance the mortage elsewhere but the bank will not tell us the payoff on only the mortage loan. They always were 2 seperate loans, can they make us pay the other loan on the motorhome off with the mortage loan? We can only borrow enough for the 1 loan and the security for the loans are not intertwined and never have been, they remain two seperate loans both with their own security calateral. How do we force them to let us pay only 1 loan at a time?

Submitted: 582 days and 8 hours ago.
Category: Legal
Value: $15
Status: CLOSED
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Optional Information

Optional Information:
Mammoth Spring, Arkansas

Already Tried:
Told the bank we need the payoff for the mortage, they said they will not give us that figure as we have to payoff both loans at the same time, they will not give us figures on the mortage, the total amount owed and the fees they want to ad for it being late, is their any free legal help? we have no money. Thanks.

Posted by Lawrence N. Rogak, Insurance Atty 582 days and 8 hours ago.

Info Request

Hi. Thanks for requesting me. I will try to help. Is this mortgage on your house? Is the second loan on your house as well?

582 days and 8 hours ago.

Reply

Yes the mortage is on our house, no the second loan has it's own colateral that being a motorhome vehicle. the loans are seperate and do not share security colateral.

Accepted Answer

There is no reason, based on what you have told me, why the bank should be linking the mortgage to the motorhome loan. Each loan is a separate contract, a separate obligation, and has its own security.

However, that being said, it is possible that the loan on the motor home has a provision saying that if anything happens that impairs the security on the loan (including your personal bankruptcy), they can demand full payment. The bank may be interpreting the foreclosure on your house as being a threat to their security on the motorhome loan. But if you are current on your motor home loan payments, the bank should not be able to call in the loan.

The position you should take wth the bank is to ask them, "Show me where in the motor home loan it says you can accelerate payments if I am not in default."

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Expert: Lawrence N. Rogak, Insurance Atty
Pos. Feedback: 99.4 %
Accepts: 
Answered: 4/20/2008

Lawyer

26 years litigating important insurance and injury cases; well-known legal author

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