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HELOC, Mortgage, Second Mortgage, Home Equity Line

April 7th, 2011 Scott Wantland Posted in Debt, Foreclosures, Lien, Mortgage 1 Comment »

There’s an old saying that a rose by any other name smells just as sweet.  The point of the saying is that no matter what you call an item, if it quacks like a duck, swims like a duck, has webbed feet…you get the point.

There’s something scary for a lot of people about getting mortgage.  They understand that it’s a loan against the house that if not repaid will result in foreclosure. 

Knowing that people are afraid of second mortgages, banksre creative and call them other things- home equity lines, HELOC, home equity loan- who cares what they call it.  They want you to borrow against your house.

It does not matter what it’s called.  If you sign a piece of paper that says my home stands good for my loan then you are signing a mortgage. 

Another play on words- it is what it is.  It doesn’t matter what you call it.

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Former homeowners

February 5th, 2010 Wantland Posted in Bankruptcy, Lien 5 Comments »

Former homeowners/drivers may still be on the hook if there’s a difference between what they owe on their loan and what the bank sells it (the car or house) for at auction. These deficiency judgments are ticking time bombs that can explode years after the item goes away.

I find havnig an unpaid deficiency usually catches you right before you go to buy a house, get married, or try and move on.

If you are facing foreclosure, call now.

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