What happens if you put your house up as collateral for a 2nd mortgage?
Saturday, June 20th, 2009
waddle02 asked:
Say that the 2nd mortgage is substantially less than the value of the house. Let 's say that the value of the house is? in $ 300k, and the first mortgage (which is "in the house) is $ 40K left. You take a home equity of $ 20k. Qu? happens if you default on home equity, since? l can not rule in her house because the value is much more? s high that the amount borrowed.
Harold
Say that the 2nd mortgage is substantially less than the value of the house. Let 's say that the value of the house is? in $ 300k, and the first mortgage (which is "in the house) is $ 40K left. You take a home equity of $ 20k. Qu? happens if you default on home equity, since? l can not rule in her house because the value is much more? s high that the amount borrowed.
Harold