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-   -   If I foreclose my house, do I still need to pay back the loan on my pool? (https://www.askmehelpdesk.com/showthread.php?t=308235)

  • Jan 25, 2009, 01:05 AM
    gulep001
    If I foreclose my house, do I still need to pay back the loan on my pool?
    I financed a swimming pool outside of my mortgage. If I foreclose my home, am I still responsible to pay back the loan for my pool?
  • Jan 25, 2009, 06:47 AM
    George_1950

    Did you sign a contract with a store or contractor? You may want to find out if you have a second mortgage. You will remain liable for accounts and contracts for purchases outside of your mortgage.
  • Jan 25, 2009, 07:53 AM
    Fr_Chuck

    It is very possible that yes you will,
  • Jan 25, 2009, 07:37 PM
    gulep001
    The loan was set up with the pool contractor (Paddock) and their lender (Keybank). The loan is a home improvement loan that I assume is tied to the house for collateral. How likely is Keybank to come after me?

    Here's more facts:

    Bought in 2006:

    1st mortgage: owe $625k, Wells Fargo
    HELOC: owe $125k, Wells Fargo
    Pool loan: owe $50k, KeyBank

    home value per zillow: $400k

    If foreclosed, bank will probably not be able to sell to cover first mortgage. How likely will Wells Fargo and Keybank go after deficiency judgment? I live in Nevada.
  • Jan 26, 2009, 02:42 PM
    stevetcg
    Quote:

    Originally Posted by gulep001 View Post
    The loan was set up with the pool contractor (Paddock) and their lender (Keybank). The loan is a home improvement loan that I assume is tied to the house for collateral. How likely is Keybank to come after me?

    Here's more facts:

    Bought in 2006:

    1st mortgage: owe $625k, Wells Fargo
    HELOC: owe $125k, Wells Fargo
    Pool loan: owe $50k, KeyBank

    home value per zillow: $400k

    If foreclosed, bank will probably not be able to sell to cover first mortgage. How likely will Wells Fargo and Keybank go after deficiency judgment? I live in Nevada.

    I guess the final question is how likely if WF and Keybank go after a judgment are you to file for bankruptcy?
  • Jan 26, 2009, 04:21 PM
    George_1950
    Quote:

    Originally Posted by gulep001 View Post
    The loan is a home improvement loan that I assume is tied to the house for collateral. How likely is Keybank to come after me?

    1st mortgage: owe $625k, Wells Fargo
    HELOC: owe $125k, Wells Fargo
    Pool loan: owe $50k, KeyBank

    home value per zillow: $400k

    If foreclosed, bank will probably not be able to sell to cover first mortgage. How likely will Wells Fargo and Keybank go after deficiency judgment? I live in Nevada.

    For me, the question is whether you have a filed mortgage securing the purchase and installation of the pool. If not, my guess is that, after foreclosure, you will not hear from the lender.
  • Feb 3, 2010, 04:21 PM
    sharlynma
    Quote:

    Originally Posted by gulep001 View Post
    The loan was set up with the pool contractor (Paddock) and their lender (Keybank). The loan is a home improvement loan that I assume is tied to the house for collateral. How likely is Keybank to come after me?

    Here's more facts:

    Bought in 2006:

    1st mortgage: owe $625k, Wells Fargo
    HELOC: owe $125k, Wells Fargo
    Pool loan: owe $50k, KeyBank

    home value per zillow: $400k

    If foreclosed, bank will probably not be able to sell to cover first mortgage. How likely will Wells Fargo and Keybank go after deficiency judgment? I live in Nevada.

    My mom is going through the same process right now. She too lives in Nevada, has a first loan through Nevada State Bank, a second through Wells Fargo, and a pool loan through KeyBank. KeyBank has "written off" her pool loan but is threatening to foreclose on her house. They are also threatening wage garnishment and to freeze her bank account. I do not think it is possible for them to foreclose on the house and collect on the debt at the same time - meaning, I don't think it is possible to foreclose on a property and write off a loan for the same debt. Most likely they are just using any scare tactic to collect. I'm curious if you're having the same experience with KeyBank and if you have any information on whether they can definitely foreclose on her home?

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