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Mortgage and Foreclosure

My question is about mortgage and foreclosure. Let's say for an example, individual A owns a single family home and he owes $200,000.00. He has first mortgage of $160,000.00 with Bank A and has home quity loan of $40,000.00 with Bank B. His current house value is $170,000.00. My question is, if he decides to foreclose his house how the banks will distribute the money becuase in this example two banks are involved. If he wants to negotiate his interest rate which bank should he start with? Thanks for the response.


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238 thumbs up

Think with your head, not your a$$.

I'd suggest consulting an attorney to know what the procedure is. Sorry I couldn't be more helpful.


Posted 6 months ago ( permalink )
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