Foreclosure University Forum

Arizona Forclosure,Home Equity Line of Credit

by unknown, Thursday, July 15, 2010, 01:00 (3546 days ago)

Arizona forclosure with home equity loan.
posted by lnesbitt, 14.07.2010, 10:42

My house will be going into forclosure within the next few months. I have been sick and not working. I can no longer pay my mortgage. I live in Arizona. I owe $150,000 with a home equity line of credit of $17,000. The house is now valued at around $50,000.00__ based on comps in my neighborhood. My question is: what are the reprocussions with my home equity line of credit> Everything is at Wells Fargo.If I hadn't gotten sick and lost my job -- I would still be making the payments - because I feel responsable for this debt but now -- there is no way I can continue. I have used every cent I have except for 2,000 I have in an IRA. When it goes into forclosure, will I loose my small IRA>
Thank you for the information.

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