what hapens if you cant pay 2nd charge on house?

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i cant afford to pay my secured loan. it is a second charge on my house after my mortgage. we have no equity in the house. the loan is for 7000?????????

2 Comments
  1. Reply
    Chris C
    February 8, 2014 at 12:36 am

    If the secured loan is based on the house as collateral, then in theory the bank could force you to foreclose to get the funds after the primary mortgage loan is paid in full.

    Call them to see if you can set up a modified payment plan so that in 6-9 months you get back to the original scheduled payment, and are not behind. If there is very little equity in the house, the banks can work with you, since it isn’t in their best interest to foreclose on the property (especially right now).

  2. Reply
    Nofx
    February 8, 2014 at 12:37 am

    You should talk to someone that can help if you are having difficulty financially. You may be interested in this website here
    http://www.mb01.com/lnk.asp?o=4001&c=48652&a=79315

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