March 23rd, 2012 by Jarad S.
Question: My primary home was foreclosed on in May of 2011. The two lines of credit have been reported by the lender to Equifax as written off back in October of 2008. Some collection agencies are calling me now asking to pay for these line of credit. I must say this, I never used any $ amount from these HELOCs. That was the original set up of the loan. Please let me know. Can they ask for anything now?
Answer: Yeah this typical when you go through a foreclosure. A collection agency for your line of credit is assigned to handle your case. They will call you and try to work something out. Either a payment plan or work out a settlement. Whatever you do, don’t just ignore them and do nothing. Try to work with them.
Tags: collection agency, Foreclosure, line of credit
Posted in HELOC | 1 Comment »
March 22nd, 2012 by Jarad S.
Question: I live in California. My house went into foreclosure and sold at auction. I have a home equity line that I owe 54K on. The home equity line is current. If I continue to pay on it, what will happen? Will I be able to continue to make payments or will they come after me for the full amount?
Tags: california, california foreclosure, home equity line
Posted in Foreclosure, HELOC | 1 Comment »
March 1st, 2012 by Jarad S.
Question: I may need to short sale my home in Washington DC. My second is a line of credit of $80K. Is it possible that that lender approve a short sale, or will they automatically not, just because it is a line of credit and not a regular mortgage loan?
Tags: HELOC, Settlement, short sale
Posted in HELOC, Settlement, Short Sales | 1 Comment »
February 28th, 2012 by Jarad S.
Question: I live in California but owned a rental in Arizona that was forclosed on. I had an equity line of credit on that home when it was forclosed on. I believe I owed about $90K on that equity line of credit. Can they now come after me for the money? Is my only recourse bankruptcy?
Tags: arizona, Arizona anti deficiency, arizona rental, Bankruptcy, deficiency judgment, equity line of credit, rental
Posted in Foreclosure, HELOC | 1 Comment »
February 28th, 2012 by Jarad S.
Question: Hi, many of these subjects are interesting but my questions and situation is a bit different.
After going through a long process with my 1st mortgage, finally a loan modification with a 3 month trial is being worked on. Still owe about 145,000 on 1st mortgage. House value is now around 50,000. Took a HELOC of 30,000 of which I still owe 24,000. After unemployed and some rough times, just getting back on my feet. Heloc lender wants a lump sum at this point of 19,500. If I can’t come up with it then a down of $4,500 and a monthly of $200. If I could I would but can’t. I counter offer $50-$75 month. My weekly budget has no rooms for extras. I have not heard on my counter offer. Can you explain what will happen if they don’t accept to me, my house which I am trying to keep and working with my 1st lender. Thank you for any help or suggestions you can provide. will look out for a response.
Tags: HELOC, loan modification, Settlement
Posted in HELOC, Settlement | 1 Comment »
