lien on house for car
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Posted by in2deep
(64.147.34.120) on January 21, 2004 at 18:54:43:
Has anyone ever heard of a bank taking a second lien on a house when refinancing a car loan? When I asked my banker to allow me to skip two payments and tack them on the end, he came back with this idea. I think it's because the car is not worth what is owed. He says it's just "paperwork" and doesn't really mean anything since they hold the mortgage on the house anyway, and if we sell the car we don't need to get extra money to cover the lien amount. This whole thing seems bizare to me. I live in NE and may be facing BK anyway, but wonder how this will affect it.
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