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If i obtain a home equity loan then i cannot pay but the…

If i obtain a...

If i obtain a home equity loan then i cannot pay but the sale of the home covers the "foreclosure" will there be repercussions for me?

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

None

Lawyer's Assistant: Where is the home located?

Arkansas

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Currently i have a reverse mortgage now at 114k. appraised in 2014 at 220k. my home was damaged this year when a pipe burst and all flooring was removed along with 4-5ft of each inside wall. need money for repairs and consolidation.

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Answered in 12 minutes by:
4/28/2018
DamienJD
DamienJD, Lawyer
Category: Real Estate Law
Satisfied Customers: 5,471
Experience: Attorney. Well versed, understanding, friendly
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Hello: My name is ***** ***** I am an attorney.

Are you saying that you want to get a home equity loan but you may foreclose on the home with the mortgage provider?

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Customer reply replied 3 months ago
no. just asking for future possibilities. as stated I am over 62 and concerned for my children paying for my debts.
Customer reply replied 3 months ago
not interested in paying more than the trial fee. can you answer my concern?

Yes. If you take out the home equity loan and cannot pay it, you would still be responsible for the difference between the value of the house and the loan. If the house covers the reverse mortgage and also some of the home equity loan, you would still be responsible for the difference.

We can discuss this more if you want to do so.

If you have further questions or you need further assistance, just let me know.

If not, please remember to rate my answer between 3 to 5 stars without any additional costs to you. That is how I get credit for answering your question. Best regards.

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Customer reply replied 3 months ago
back to the question of fallout; my limited income and possible illness and current limitations being variables, if i need to forfeit the home and a balance or no balance is due
1) will my credit be hurt
2) how will the sale be documented, eg. forclosure, short sale

Sorry to hear about your circumstances. With a reverse mortgage, if you forfeit the home and do pay property taxes, insurance, etc., the lender could foreclose on the property. so, it would be considered a foreclosure. It could have a negative effect on a person's credit, a stoppage on the monthly payments, and cloud the title of the home.

We can discuss this more if you want to do so.

If you have further questions or you need further assistance, just let me know.

If not, please remember to rate my answer between 3 to 5 stars without any additional costs to you. That is how I get credit for answering your question. Best regards.

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Customer reply replied 3 months ago
my question was: considering my age and possible future injury or illness, i might need to move out of that home. if i cannot make payments and thereby forfeit the loan what happens to my credit. will the sale be listed as a foreclosure or other default?

As I mentioned, it would be listed as a foreclosure. It could affect your credit.

If you have further questions or you need further assistance, just let me know.

If not, please remember to rate my answer between 3 to 5 stars without any additional costs to you. That is how I get credit for answering your question. Best regards.

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Customer reply replied 3 months ago
Can you give more information on foreclosure outcome. If the balance is paid so the loan is paid why is it bad for my credit. I need all information in order to decide. Can't wait til something happens to find out. Lessons learned you see.

Once you are late on payments, the company can report it to the credit agencies. So, even if the auction of the home pays off the outstanding loan after the foreclosure takes place, the foreclosure could be listed on your credit or the late payments can be listed on the credit report.

If you have further questions or you need further assistance, just let me know.

If not, please remember to rate my answer between 3 to 5 stars without any additional costs to you. That is how I get credit for answering your question. Best regards.

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Customer reply replied 3 months ago
Thank you. I have the information I need to consider.

You are welcome.

Please remember to rate my answer between 3 to 5 stars without any additional costs to you. That is how I get credit for answering your question. Best regards.

DamienJD
DamienJD, Lawyer
Category: Real Estate Law
Satisfied Customers: 5,471
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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