Question by  Tawnybug (25)

What happens when you do not pay a home equity loan?

I just found out my husband is not paying our home equity loan.


Answer by  shari (52)

A home equity loan is a type of mortgage obligation. Your home is at risk, just like if you were not paying your mortgage. The mortgage company could foreclose on your home, even though the obligation is probably much less than the primary mortgage.


Answer by  step (309)

Your credit score is going to crap if you do not pay or are delinquent on payments. But the big worry is that on a home equity loan, your house is the collateral, which means they (the bank) can take possession of your property if you do not pay.


Answer by  yaomingjr32 (120)

so you have three chances or times to pay it off and if you do not pay it off after two warnings, then on the third they would take take away your house and everything.

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