Legal Question in Banking Law in New York
2nd mortage
i am in my 6o's, and we had our basement improve half way, when we talk the sales person he said it was a home improvement loan, we sign the papers when the banker came to our house.i know i don't know anything about banks, but we just found out it is lein on our house and consider a 2nd mortage, we are looking to sell in 2 yrs,but now we can't till the home improvement loan is pay off?which is 30 yrs so now our plans of moving into a smaller home is out, is there any way we can get help in matter?, we cant refinance again, it would cost too much a month. We felt we got taken by the sales person, now my husband can't retire for a couple of yrs, the lein is for 30yrs. We don't know what to do, or who to speak with, we spoke with the bank manager who has the lein and he was rude to us, and said we should had read the papers closly, we want somehow pay this 2nd mortage off, someway, before 2 yrs, we don't have much money, i am on disalbity for life, and my husband is the only one bringing home the pay. thank you
--name removed--unterborn
1 Answer from Attorneys
Re: 2nd mortage
You can pay off the first and second mortgages at the time of the sale of the home. If the home is not worht enough to cover both mortgages, then you may have a problem and may want to consult with an attorney who handles bankruptcy (chapter 13) and consumer financial restructuring plans.
Related Questions & Answers
-
Business Account Hi... I would just like to know what paperwork do banks usually... Asked 3/07/05, 3:46 pm in United States New York Banking Law
-
Check My grandmother gave my Uncle POA to write 5 $10,000.00 checks to her 5... Asked 1/29/05, 3:51 pm in United States New York Banking Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
