Chunky Monkey asked:
lets say my house was worth 2 million, fully paid off. and then i take out a loan of 100 thousand. if i don’t pay the bank a dime of the loaned money, could they take my house away? and if yes, would they give me what’s left of the house’s value(1.9mil)?
Caroline
lets say my house was worth 2 million, fully paid off. and then i take out a loan of 100 thousand. if i don’t pay the bank a dime of the loaned money, could they take my house away? and if yes, would they give me what’s left of the house’s value(1.9mil)?
Caroline
Katherine
yes they will take your house as you have borrowed against it meaning you used it as collateral and you would only get money back if they sold the house for more than you owed them which in this housing market probably isn’t going to happen
Comment by purplesmiles19 — January 1, 2010 @ 8:22 am
Christian
Yes.
Comment by Eddy T — January 4, 2010 @ 2:44 pm