Re: Foreclosure question

Posted by LadynRed (199.91.33.254) on July 12, 2002 at 11:36:42:

In Reply to: Re: Foreclosure question posted by Ken on July 12, 2002 at 00:42:18:

The 2nd mortgage I had, a home equity loan I took out to put on a badly needed new roof and repair siding, was one of those damned 125% LTV loans !!! I had no idea, I should have been smarter, but I was desperate to get my house fixed. The roof leak was destroying the ceilings in the upstairs bedrooms and the roof tiles were literally FALLING off the house !! The siding was cheap stuff, very strange stuff and it had gotten wet and was buckling and falling off in several places, my house was literally falling apart and looked like a dump !

At the time I took that 2nd loan, I never expected the hardships I would end up with..like 2 layoffs and a depressed real estate market that kept me from selling the house when I moved. I had to let it go back to the bank or declare bankruptcy, and at that point in time I figured the foreclosure was the least of the 2 evils.

I'm glad those 125% loans are scarce, but I still think some lenders are getting away with similar practices still !

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