What will happen then if I am unable to make payments on my home equity loan? Posted on March 15, 2011
I got a home equity loan several years ago and although I had the payment made month after month for the first few years I have recently found that the house that they wrote the loan up for was not the house that I presented and applied for the loan with. Instead of giving me the loan on the address of my investment home which I own, they have in their records that the loan was written for the home of my mother which I have no legal ownership in at all. What will happen then if I am unable to make payments on this loan? Will they attempt to take some action against my mothers home? Will they have no legal recourse because they wrote a fraudulent or otherwise incorrect loan? Will my credit be the only thing that is affected? Thanks in advance.
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