What happens when you miss a payment on your home equity?

Asked by bluevet12, Naples, FL Mon Jan 14, 2013

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Marc Comisar, Agent, Bonita Springs, FL
Mon Jan 14, 2013
That would be a question for your lender or for a foreclosure attorney.....

0 votes
Pam & John G…, Agent, Naples, FL
Mon Jan 14, 2013
What happens will depend on you, and your mortgage holder. The best thing to do is to call your mortgage holder and speak to someone that can help you, usually a Mortgage manager or a VP, explain the situation, express your intentions, offer a solution and ask how he/she can help you. If you are going to miss more payments, you really want to put a plan in place before speaking to the mortgage holder.

If you are thinking that perhaps you need to short sell, contact us. 239-963-9182 email, pamandjohn@naplesnavigators.com
0 votes
Jeannine de…, Agent, Naples, FL
Mon Jan 14, 2013
Call your bank and explain the circumstances.
In some cases you might be able to work things out if you have a relationship with the bank. In other cases, there could be serious consequences.
You will not know until you talk to them.
Your credit score will definitely take a hit because they will report that you missed a payment.
Good luck

Jeannine de Alwis, GRI, SFR
Premiere Plus Realty Co
0 votes
Roland Vinya…, Agent, Sprakers, NY
Mon Jan 14, 2013
If you miss a scheduled payment, you may be liable for foreclosure or eviction UNLESS you have made prior arrangements with the person at the other end for alternate payments. An attorney can tell you more specifically in your case.
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