Ed Dodson responding...

> I'm curious- is the only way to get money back from a failed or delinquent
> home equity loan by selling the home?

The law permits a personal judgment to be pursued as a remedy; however, the
cost of going to court is high and people who take out home equity loans
generally do not have liquid assets (stocks, bonds, cash in a bank account).
The lender may not even foreclose because the first mortgage lienholder must
be repaid by the foreclosing equity lender in order to gain title. What
happens depends on the value of the property and how much equity the homeowner
really has above the first mortgage debt.

org:Fannie Mae;Housing and Community Development, Northeast Regional Office (NERO)
email;internet:[EMAIL PROTECTED]
title:Senior Affordable Housing Business Manager
note:If you need to reach me during non-business hours, send an email to: [EMAIL PROTECTED]
adr;quoted-printable:;;1900 Market Street=0D=0ASuite 800;Philadelphia;PA;19103;U.S.A.
fn:Edward J. Dodson

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