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    gavanlady's Avatar
    gavanlady Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Sep 24, 2011, 09:18 AM
    Default on bank loans?
    My grandson has a line of credit with his bank with his house as the collateral he lost his job and is 3 months behind on pay't.will this loan work like a mortgage with a foreclouser? The house value does not meet the loan so he can't sell it.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Sep 24, 2011, 09:35 AM
    Yes. If he also has a primary mortgage, that will take precedence.
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