1 Answer

You do not say where you live and things change from country to country but let me put forward a scenario as I under stand from you question.

You are buying a home on some form of mortgage and you had equity in the home greater than the amount outstanding on the loan so you took out a equity loan and received cash from the lender.

You now find you can`t pay the mortgage so the property is to be taken by the lender. If this is the case you are responsible for all monies outstanding that is the original loan plus the equity loan.

14 years ago. Rating: 0
Comment this answer Add new comment