Home foreclosed in Arizona. Still Paying Home Equity Line of Credit?

March 29th, 2012 by Jarad

Question:  Our house was foreclosed in Arizona on a little over a year ago in AZ. But we are still getting (and paying) the bill for a Home Equity Line of Credit we had on the same property. Is there anything we can do to reduce or eliminate this bill since we were foreclosed?

Answer:  -Yes, if I understand you correctly, you are making the same payment on your HELOC as you were before the auction. Usually in a situation like this, most homeowners will settle with the bank for a smaller amount and create some sort of payment plan to payoff the note within a short time. Another option is to file bankruptcy and wipe it out completely. This is the main reason why banks will usually work with you in finding a solution because they would rather have some money instead of no money. Hope this helps.

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One Response to “Home foreclosed in Arizona. Still Paying Home Equity Line of Credit?”

  1. Arlyne Widell Says:

    When you buy or sell a home, while the lien process, a liability waiver is a form from a contractor, subcontractor, or any other parties to your construction project stating they have fully received your payment and waive any future liability responsibility to your property, Basically there are four different kinds of liability waivers.

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