Quote:
Originally Posted by mantri2003  Hi ***,
Question- I have refinanced my house in 2006 at 7.25% for fixed 15 years. Does it cosidered as HELOC? What will happen If I stop the payement in order to process for loan modification? |
Hope it's alright if I jump in....refinance is not the same as a HELOC. The refinance was probably for your main mortgage on the home. A HELOC is a seperate loan which usually is used to pull equity ($$) out of the house. HELOC--Home Equity Line of Credit. My suggestion is to call your lender ASAP and let them know what your situation is and let them know you are struggling and need a modification. I don't believe being behind is a requirement any longer on fixed mortgages. Pick up the phone..don't be afraid!
They may give you an answer you want to hear!!!!
I wish you well through this process.....