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Advice on foreclosure due to delay in payment - The Bills.com Blog
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Advice on foreclosure due to delay in payment
Question: Can a bank foreclose on a home equity line of credit if you are 20 days past due for payment?
Answer: With either a home equity loan or credit line, when the debt is in default, the lender can foreclose on your house and property. The foreclosure process varies from state to state, but generally takes from 2 to 18 months. It all depends on the terms of yourloan. However, normally if mortgage payments are not received within 150 days, the bank can proceed with the foreclosure process. The home equity products would be repaid after the first mortgage is paid in full. Please consult your lender for details.
In your particular case it is unlikely that the lender would have initiated foreclosure proceedings if you are only 20 days late on your payment. Please bear in mind that this does not mean that you can be late on your payments continuously every month as the creditors will also be looking at your overall payment history. In case you are having problems with keeping up with your payment you should try and
contact your lender to work out a payment arrangement. It is always better that you are proactive rather than reactive in a matter such as this.
Foreclosure can be one of the most horrible financial experiences. You end up defaulting on too many mortgage payments and your home is taken away from you. Not only do you lose your home in foreclosure, but it can have a long-lasting impact on your credit rating.
Foreclosure is a serious situation that has serious repercussions. If you can, you want to avoid a foreclosure as much as possible. Bills.com is here to help. If you are in over head in debt which is causing you to miss mortgage payments, we can
help you get a Debt Consolidation Loan to handle your debt and avoid a foreclosure. We also offer helpful guides, foreclosure FAQs, glossary terms, and other helpful tools to help you keep your home and avoid a bank repossession. You?re in good hands with Bills.com.
You can find more in depth information about foreclosures on our Bills.com foreclosure page at http://www.bills.com/foreclosure/
I hope the information provided helps you Find. Learn. Save
Best,
Bill
www.bills.com
Also, make sure to get a free financial health check-up with Bills IQ!
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Bill has answered all sorts of questions and has been able to provide those in need of financial guidance with helpful and valuable advice and information on their specific financial area of interest. If you need specific guidance on any of the above mentioned financial areas, feel free to Ask Bill your financial questions and get better informed. Also, make sure to get a free financial health check-up with Bills IQ!
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