What happens when you do not pay a home equity loan?
I know that filing Chapter 13 exempts some personal possessions, would that include my home?
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loans real estate
Question by Kendra (27)
I want to use my land to get an equity loan.
Answer by technogeek (6640)
If you are willing to repay the loan in order to maintain the current value of the property or take the loss if you sell the property.
Answer by Brandon55 (1719)
The positive side of this issue is that land rarely fluctuates in value, but be careful because a bank won't hesitate to foreclose on land.
Answer by tamarawilhite (17883)
If you need to use the land as collateral, realize that you may lose the land if you do not pay the debt. Do not use land you live on.
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