Refinancing Home Mortgage
In: Mortgage Loan
13 May 2010We have a duplex home that we share with my inlaws. 3 years ago we took out a second mortgage. we used that money to build another house. the house is only half finished because we ran out of money and then my husband lost his job. we are currently going through a loan modification with our bank. The bank just called and told us they want to put a blanket loan over both properties to secure the loan. the loan was secured with the first house. Do we have to let them use the half finished house as collateral too? any advice would be great thanks
This is about mortgage information questions.
3 Responses to Question about my mortgage loan modification?
My Take on It
May 13th, 2010 at 6:48 am
Sounds like if you want their money, you are going to have to do this blanket loan.
REI R
May 13th, 2010 at 7:31 am
It sounds like that is your only option at this point. Is the loan modification for the second mortgage or for the first mortgage?
Klaudia
May 13th, 2010 at 8:26 am
Hello,
It looks like you have no option and will have to do a blanket loan. It is your only option if you do not want to lose your house.