I got in a bind. I had to take out a third mortgage on my house. Can the third foreclose on me or can they put a lien on my house?
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I got in a bind. I had to take out a third mortgage on my house. Can the third foreclose on me or can they put a lien on my house?
I took a $50,000 third loan on my house. They told me the loan was an 8 year loan. The first 3 years at $800 and I asked after the first three years will it double they told me no that it will only go up a couple hundred. After the 3 years they now say that they want $1600 a month for the next 5 years. At this point I cannot pay $1600 a month. What are my options?
Asked on June 26, 2009 under Real Estate Law, California
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
Any mortgage on a property, be it a first, second, third, etc can be foreclosed upon. What you need to do is have an attorney read the mortgage itself. If the interest rate has doubled possibly there is usury involved but maybe not. If not, then you either have to make the payments or, unfortunately, sell your home. The only other defense that you may have in this case is fraud, but that is hard to prove. Without more details I can't say more. Again seek legal representation.
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