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Old 05-26-2009, 08:08 AM
 
7 posts, read 15,957 times
Reputation: 10

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Our story is about the same as everyone elses.

When we puchased our home we were making about $2,000 more a month than we are now.
Not only has our home went down in value thousands of dollars, also, about 2 years ago we had an inground pool put in. Thinkng everything was great. Big mistake.
We have talked to several banks about refinancing the pool, the interest is 12.5 %. And the title company cannot find the closing papers. On the contract it's listed as a 2nd Mtg. But when we tried to refinance together we were told no, its not a 2nd mtg. I don't think it's a 2nd mtg, they ask no questions about the house at the time.

I think its a loan company that only does pools .

My question is, if we have to let our house be foreclosed, what recourse
will the pool loan people be able to take with ?
I have read the doc's and it looks like they would put a lein on the house. If the house is foreclosed on, then what will the pool loan company be able to do to us? Do they sue us?

I live in Texas. Thank You !!!!!!
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Old 05-26-2009, 09:39 AM
 
28,461 posts, read 75,143,119 times
Reputation: 18518
It is entirely possible that the pool company DID NOT file a lien for the pool. If not then you could pay them off however you wish. It is not uncommon for pool companies to rely on the same kinds of "store credit" that is offered when you buy furniture or exercise equipment.

They almost certainly DO appear on your credit report and if you do not pay them off they will almost certainly send the loan to collections and mess up your credit, which should not matter to someone that has already resigned themselves to foreclosure...

Liens such as would be places on the house by any contractor are SUBORDINATE to the first mortgage and will be noncollectable from the holder of the senior debt (the bank that owns your mortgage).

You are still personally liable for the debt.
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Old 05-26-2009, 10:06 AM
 
7 posts, read 15,957 times
Reputation: 10
Quote:
Originally Posted by chet everett View Post
It is entirely possible that the pool company DID NOT file a lien for the pool. If not then you could pay them off however you wish. It is not uncommon for pool companies to rely on the same kinds of "store credit" that is offered when you buy furniture or exercise equipment.

They almost certainly DO appear on your credit report and if you do not pay them off they will almost certainly send the loan to collections and mess up your credit, which should not matter to someone that has already resigned themselves to foreclosure...

Liens such as would be places on the house by any contractor are SUBORDINATE to the first mortgage and will be noncollectable from the holder of the senior debt (the bank that owns your mortgage).

You are still personally liable for the debt.
Thank you for your reply. We have tried several times to either
consolidate our house and pool note or to get them to lower the interest, refi, etc. to no avail.
We did close on the pool at a Title company, yet no one could find the info we needed.
Can they (pool) come after us for future property that we might purchase?

I'm betting we are not the only ones in this situation.

Thanks
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