Home Improvement Loan and foreclosure?

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I closed my house and a mortgage distinct improvement for a pool that I built. After locking my mortgage is also ready to fight my pool or will I be responsible for repaying the loan for my pool?

  1. Reply
    Steve D
    February 19, 2011 at 7:36 pm

    Not sure what you mean by you are foreclosing your loan. However, if the pool loan was a second mortgage or home equity line of credit, it is secured by your house and will most likely come due when your house goes into foreclosure. Note that you will still owe on this loan as well as owing the balance between what your house sells for in foreclosure and the balance on your mortgage. Whether they come back to try to collect is a separate question.

  2. Reply
    February 19, 2011 at 7:47 pm

    Usually when you get a Home Improvement loan it will be considered a second mortgage. When you applied for this home improvement loan and they had to do some sort of appraisal on your home (it should be in your paperwork) then most likely it is a second mortgage and therefor it will also be included in the foreclosure.

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