Old Equity Loan

[gdude]

What is the name of your state? TN

I live in TN now. When I moved from SC in 1999, I was paying an equity loan on a home I owned in SC. After I moved, the loan company did not require immediate full payment on the equity loan. The loan company since sold the loan to another company then went out of business. I have lived in TN since 1999 and made payments to this old equity loan on this old house I owned many many years ago in SC. What happens if I stop making payments?

 

[MortgageGuru]

The lender will foreclose on your home and all that money you have invested in that property disappears, your credit scores will be wrecked from it for years to come, you will not be able to qualify for conforming financing for at least 4 years. Why would you want to just let it go? If it's that bad of a situation then why not sell the property?

 

[nextwife]

ARe you saying you moved (and rented it out or have family member living there, etc.) , or are you saying you somehow SOLD the place but didn't payoff the loan?