My house was in NH says seized of Finance and Beneficial, that I still owe on the loan?

My house was in NH says seized of Finance and Beneficial, that I still owe on the loan?
I owe them 15k and they told me I can not get rid of mensuels.Est foreclosure of the equity loan payments, and require them to carry it? What if I pay them more?

Bud68 Reply via
it is true.

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Comments (7)
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#1 written by Ed F 8 months ago

You still owe them.
If you stop paying them, they will sue you and passably seize home assets (furniture, TV’s, etc.) from you.

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#2 written by Real Estate Guy 8 months ago

Yes it is. PLUS, you will owe the 1st mortgage for any loss AND the IRS will tax you on the banks loss as income.

You can’t just walk way

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#3 written by Expert Realtor 8 months ago

It is true.

What made you think you weren’t going to owe it?

You are one of those owners that walked away and figured that was the end of it…now you are learning the hard way that it isn’t. If the sale of your home via foreclosure did not cover the balances of BOTH loans then whoever got shorted can come after YOU for the rest.

100% legal.

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#4 written by rtfm 8 months ago

Well, yeah, you still owe them. You borrowed money from them, you didn’t repay it, so you still owe it.

If you “just stop paying them”, they’ll undoubtedly pursue all available legal methods to get you to pay them. For a start, they’ll ruin your credit rating for years, and it’s likely they’ll be able to get a judgment allowing them to take what you owe them out of your salary.

Pay what you owe.

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#5 written by Landlord 8 months ago

Of course you owe them. Why wouldn’t you?

If you do not pay they will destroy your credit further, garnish your wages and seize any assets they can find, adding legal expenses on to boot.

You can’t just pocket the money and not expect to repay it.

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#6 written by MavistheMaven 8 months ago

A home equity loan is not a mortgage. The equity in your home was collateral for your loan. You lost that in the foreclosure, but the home equity lender didn’t get the house – the mortgage lender did. So you still owe on that loan. If it’s the same lender, the foreclosure money still only goes to paying off the mortgage loss. You still owe.

If you just stop paying them, they will get a judgment against you and garnish your pay or put a lien on any other property or vehicle you buy. They have a valid right to getting their money back. Sorry, it’s tough for you, but a foreclosure is not a bankruptcy – it doesn’t release you from your other debts.

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#7 written by chatsplas 8 months ago

YEP. They no longer have a secured interest in the house, but you are still personally liable for the loan you took out. You took the loan and got all that money and got the benefit of the $ 15000. Why wouldn’t you still owe them what you borrowed from them and promised to repay???

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