Equity Loan Advice

please explain the difference between different forms of bankrupcy (protection)or means of avoiding forclosure

I have three homes which I purchased & financed during the period of low interest home equity loans-now the interest rates are very high, the homes are not occupied (no income) and I have been laid off. Do companies work out interest only arrangements and possibly, no late charges until my situation is resolved or improves?

I wouldn’t advise bankrucpty. Since the homes are unoccupied, I assume you’re not living there and typically you can only have your homestead protected. You may be forced to sell the houses (possibly at a loss)

Also, you shouldn’t be asking Y!Answers about payment options, you should be asking the people you have the loans through. I work in the collection field and the number one problem we have is when we could have helped customers, if only they’d called us before they were in trouble. The time to make those arraignments is before you’re later but the longer you wait, the less they’re going to be able to do to help you.

The Language of Economics, Explained – Geoffrey Nunberg