UnKnoWn

Cant pay second loan on house?

We have 2 loans on our house. 1 for 450k with IndyMac and one for 200k with Chase. We got our first loan remodified and have been paying it on time, our second loan which we refinanced and pulled money out with chase is behind for over 5 months now. What can Chase do :? Can they sell my house even if its a line of credit ?

...asked February 9th, 2012 @ 6:25 am in Loan - Home

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41205the kid
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They can foreclose.

...answered February 9, 2012 @ 6:36 am


41206Landlord
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They will foreclose, there isn’t anything else. You can’t just pocket 200k and expect to keep it and the house.

...answered February 9, 2012 @ 7:23 am


41207acermill
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Yes, Chase can (and WILL) foreclose on the second loan. Do you expect that they will kindly let you scoot with $ 200K of their money ? And that was a HUGE error on your part. “Pulling out money”. Just what DID you do with that $ 200K ?

...answered February 9, 2012 @ 7:30 am


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