Legal Question in Credit and Debt Law in Maryland
Foreclosure
I owe $2000.00 on a home equity loan and the bank is demanding payment in full, due to late payments. my home is worth approx $120,000.00. Can the bank foreclose and take my home? what are my options, i dont have $2000.00.
2 Answers from Attorneys
Re: Foreclosure
Yes, they can foreclose if you are behind in payments. To stop the foreclosure, you can either pay them (perhaps borrow the money elsewhere, since it's only $2000) or file bankruptcy. See a lawyer.
Re: Foreclosure
The bank can foreclose on your house. If the house is in Maryland, the bank must file a lawsuit in the county where the property is. The property would then be put up for sale by a trustee. The costs of the suit could easily exceed $2000, yet those costs would be added to your arrearage. Once the house is sold and the bank paid off arrearages, legal fees and costs, the surplus (remainder) of funds would be paid to other lienholders (if any) then to you.
On the other hand, you could put your house on the market right now and sell it yourself. Good luck.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
