Monday July 7th - Lose the Pool, Lose the House? Question: I have a mortgage on my home. I recently put a pool in my home with a pool mortgage. I cannot pay for the pool. What can they do to my home? Answer: Somehow you financed the installation of a pool on your property. The question is: How was the pool financed? If the pool was financed with consumer credit and without a lien against the property then the lender will have to sue to collect the debt. However, if the loan for the pool is a recorded lien then the lender will likely have a right to foreclose on the entire property. Take this seriously: You could lose your house. For details, please see a local real estate attorney immediately.

Published: July 7, 2008

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