Can a lender who is calling a past due loanin on equipment also foreclose on my house?

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Can a lender who is calling a past due loanin on equipment also foreclose on my house?

The lender is calling in a loan which we are about 4 months behind on payments for equipment used in our trucking business. The loan has our house also listed as collateral. Our primary mortgage is through another bank and is 1 month behind. The value of the property is about the same as the balance still due. Will we loose our house?

Asked on November 3, 2011 under Bankruptcy Law, Wisconsin

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If you are behind in your loan payments secured by equipment and also on your home which are collateral for the loan, it is very possible that the lender could foreclose on all of the collateral by way of a notice of default and trustee's sale (foreclosure sale).

I recommend that you have a meeting with the lender to try and work out a payment plan as to your loans in order to try and resolve the situation. Potentially you might want to consult with a real estate attorney about this situation. Good luck.


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