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Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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Ok. So I spoke to the bank today in regard to my home equity

Customer Question

Ok. So I spoke to the bank today in regard to my home equity line of credit which will expire on 7/20. I was told I would need to redo the process of applying for a new loan, which I would not get right away because my first mortgage is upside down. I was then told that even if I was in the process of getting a new loan, the one that expires on 7/20 would automatically go into collections, which would ruin my excellent credit and thereby cause the new loan to be a higher interest rate and a higher payment, neither of which can I afford. Im not sure what to do now because if I am going into collections anyway, why try to renew. Not sure what to do.
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  LawTalk replied 2 years ago.
Good afternoon,
I'm Doug, and I'm very sorry to hear of your situation. My goal is to provide you with excellent service today. In order to give you a clear and concise answer, I will need some additional information about the circumstances, please.
1. Are you saying that your line of credit is already in arrears---that you are not current on your payments?
2. Did the line of credit loan have a final pay-off/balloon date of 7-20-2015
Expert:  LawTalk replied 2 years ago.
The system tells me that you responded but your reply did not post to the thread. Please re-post your reply so I can see what information you are trying to provide.
Thanks in advance.