Also I have a first mortgage and also an equity line. I still have money on the equity line. If i spend that before I foreclose will I become liable for that money?What happens if I foreclose on my mortgage? Will they audit the file if I went stated income?
Well if you overstated your income that is in fact fraud, and if foreclosed you will owe all the monies that are still due after the auction of your home, yes you will liable for the equity line monies left over, again why use them that would wipe out any equity you may have (housing prices have gone down so you might not have that) and put yourself in worse shape.What happens if I foreclose on my mortgage? Will they audit the file if I went stated income?
yes, Y dont you use that money to prevent your from foreclosure. foreclosure is a very nasty thing on your credit. and oh yeah you are liable if you spend it
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