Q: My mortgage modification?

Deal Score0

We have a duplex house that we share with our in-laws. 3 years ago took a second mortgage. We use this money to build another house. The house is only half finished because we ran out of money and then my husband lost his job. We are currently in a loan modification with our bank. Bank called and told us they want to put a blanket on the loan as properties of the loan guarantee. The loan is secured with the first house. Do let us use the house as collateral is too ready to party? Any advice would be great thank you

3 Comments
  1. Reply
    My Take on It
    January 20, 2011 at 4:19 am

    Sounds like if you want their money, you are going to have to do this blanket loan.

  2. Reply
    REI R
    January 20, 2011 at 5:18 am

    It sounds like that is your only option at this point. Is the loan modification for the second mortgage or for the first mortgage?

  3. Reply
    Klaudia
    January 20, 2011 at 5:42 am

    Hello,

    It looks like you have no option and will have to do a blanket loan. It is your only option if you do not want to lose your house.

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