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Home equity loan... harm of missing payment?

The last post in this topic was posted 3466 days ago. 

 

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My husband & I are in the process of cashing out equity in our home. At the moment, we completely own our house free & clear with no mortgages.

My husband is concerned if anytime in the 15 year term of payback, if we miss a payment or worse, what would happen? With a home equity loan, can they actually foreclose on our house (like a mortgage) or would it just become a lien on the house?

Of coarse this is absolutely worse case scenario but he just needs to be assured upfront.

Can't ask the bank.. don't want to put crazy ideas in their head. :rolleyes:

 

Thanks

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I agree they can foreclose but not after one missed payment. Usually you have to be 120 days late for them to initiate foreclosure proceedings and you will still have the option of caching up.

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