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Can A Bank Foreclose On A Home Equity Loan

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In Foreclosure, Equity Remains Yours Foreclosure is a legal proceeding that follows your being in default on your home loan. What constitutes default varies with each loan and with the laws of each state. But in every case, if you have not made a determined number of payments, the lender places your loan in default and can begin foreclosure.

Home Equity Loan Foreclosures Are Different Under Texas law, a quasi-judicial process must be used to foreclose on home equity loans. The lender has to get a court order approving the foreclosure before conducting a nonjudicial foreclosure.

An equity loan can cost you your home, just the same as a primary mortgage. Your equity loan is a contract. If you default on that contract, the other party, the lender, has the right to claim its collateral. The foreclosure process is more complicated when a home equity lender wants to foreclose,

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A second mortgage might be a home equity line of credit (HELOC), a piggyback loan (in an 80/20 loan, the purchaser puts no money down, finances 80% of the purchase price with a first mortgage loan, and finances the remaining 20% with a junior piggyback loan), or any other loan secured by the home.

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The foreclosure of non-mortgage liens is less common than the foreclosure of mortgage liens due to a number of factors. Homestead Exemption One factor is the homestead exemption, which exempts a certain portion of the value of a debtor’s primary residence from liability to certain creditors.

In some way you must satisfy the first mortgage and any junior mortgages or lien holders before you can sell the home. A "home equity line of credit" or "HELOC", is a junior or subordinate mortgage and lien to a primary. That means it has secondary or lesser priority than the first mortgage, but, it is still tied to the property.