Posts Tagged ‘line of credit’

Maryland foreclosure and line of credit

February 13th, 2013 by Jarad

Maryland ForeclosureQuestion:  i have a home in Maryland that has been foreclosed I had an 80/20 loan with the 20 being a line of credit. My mortgage company is asking for full amount 50,000 without budging and threatening to garnish my paycheck by taking me to court. Is there any way of stopping or slowing them?

Answer:  – Yes, but you may not like it…
One way to stop the mortgage company is to file bankruptcy. Depending on your situation, sometimes this is the best solution. It’s always a good idea to sit down with an attorney who deals with situations like these and ask for help. […read more]

Collection Agency For Line of Credit

March 23rd, 2012 by Jarad

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.

Short Sale? Can we Settle instead of payment plan?

March 8th, 2012 by Jarad

Question:  We are in the process of doing a short sale to sell our condo in Illinois. We have a mortgage and a line of credit through Wells Fargo. The mortgage is approved for short sale, asking us to bring $20k to closing. The line of credit is almost approved but they are saying that we will have to settle that loan AFTER we close by setting up a payment plan. We cannot afford to pay on this line of credit and we are now considering foreclosure. If we foreclose, can the bank come after our assets? Can the bank come after us for the line of credit? We are moving out of state. Will we have to go to court? Will foreclosure permanently be on our record, or just for 7 years? Will we be able to get loans in the future? Thank you for your help!

Filing for bankruptcy. My second mortgage, now my first?

February 12th, 2012 by Jarad

Question:  I am in the process of filing for bankruptcy. I am filing chapter 13 so I can have my second mortgage, which is a line of credit through Bank of America, dismissed. My attorney just called and said that because my first mortgage was obtained after my HELOC, only because we refinanced, that the court may deem the HELOC as my first mortgage. Is this possible?

Can you get line of credit on manufactured home?

September 6th, 2011 by Jarad

Question:  my mother-in-law holds the deed to a brand new maufactured home in Lytle Creek CA. She also has excellent credit and owns other properties. She and husband are retired. The manufactured home is free and clear. Can she get a line of credit on this property?

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