Advise on foreclosure needed please

[Doc203]

What is the name of your state? Ohio

I have a home loan that 100k is owed on a 150k home. I have 56K in debt from a business that I owned that I have not made payments on that has been "written off" by the same lender. I am just at 3 months behind on the mortgage and they called today to ask me when was a good time for appraisal so they could begin foreclosure. I asked what I could do to stop it and he said that I needed to pay off the 56k and the mortgage up to date. I have the funds available to pay the mortgage up to date, but not the 56k.

The other loans were personally secured, but not a second mortgage. My question is, if they accept the payments and I pay my mortgage up to date can they still foreclose for the other outstanding 56k?

Any advise much appreciated.

 

[HomeGuru]

What is the name of your state? Ohio

I have a home loan that 100k is owed on a 150k home. I have 56K in debt from a business that I owned that I have not made payments on that has been "written off" by the same lender. I am just at 3 months behind on the mortgage and they called today to ask me when was a good time for appraisal so they could begin foreclosure. I asked what I could do to stop it and he said that I needed to pay off the 56k and the mortgage up to date. I have the funds available to pay the mortgage up to date, but not the 56k.

The other loans were personally secured, but not a second mortgage. My question is, if they accept the payments and I pay my mortgage up to date can they still foreclose for the other outstanding 56k?

Any advise much appreciated.

**A: something does not sound right. Is the $56K a second mortgage?

 

[Doc203]

No, the 56k was business loans, basically notes that were to be turned into loans. They were just personally guaranteed as my business was not incorperated.

 

[HomeGuru]

No, the 56k was business loans, basically notes that were to be turned into loans. They were just personally guaranteed as my business was not incorperated.

**A: sorry for being redundant but I wanted to make sure. Now, when you say the loan has been "written off", what exactly do you mean?
Somehow, I am not understanding this whole picture her and there is more to the story.

 

[Doc203]

The loans for the 56k have been added to the mortgage. The banker claims that if I pay the motgage up to date it will show good faith, but not nessicarily stop the foreclosure. I am afraid of taking the last $3500.00 that I have to my name and paying the mortgage to current and then still having them foreclose.

 

[HomeGuru]

The loans for the 56k have been added to the mortgage. The banker claims that if I pay the motgage up to date it will show good faith, but not nessicarily stop the foreclosure. I am afraid of taking the last $3500.00 that I have to my name and paying the mortgage to current and then still having them foreclose.

**A: your issues get more confusing every time you post. Now you contradict yourself. Read your posts again and clarify or I'm done.

 

[Doc203]

I am trying to be clear, forgive me if I am confusing you.

We owe 100k on our home that is worth 150k...

I borrowed 56k for business use that I personally guaranteed, that we are in default on.

They claim to have "written off" the 56k business loans since we have not paid so they attached a lein to the home for the 56k and the banker claims that it is now part of the mortgage.

They are intending to start foreclosure and I was wondering if I paid the mortgage up to date could they still forclose because we are in default on the other loans for 56k.

That is it, totally... I don't know how else to word it. Thanks for the help.

 

[amortgageman]

In what form did you personally guarantee these loans? Was it by chance you were using your home as collateral to guarantee these loans? If so, that may as well be referred to as a second mortgage, because you have used your home as security of the repayment of the loan. Default on this, and you have left them no other choice but to collect on what was their security on the loan.

If you did not use your home as security to the business loan, then they do not have much more than a lien.

Are the two loans with the same lender?

 

[Doc203]

Both loans are with the same lender, and that is exactly what I was wondering... The house was not part of the collateral for the other loans that we are in default on.

They told me today that I could pay the 3-mo's that I am behind and he would take it to his boss and tell him that I was showing some good faith and maybe then they would work something out by setting up a payment plan on the other 56k.

I am afraid of paying the last of the money that we have saved to this and them still foreclosing due to the other 56k.