Foreclosure University Forum


Arizona Forclosure,Home Equity Line of Credit

by foreclosureuniversity ⌂ @, Thursday, September 02, 2010, 12:14 (2759 days ago) @ unknown

� Arizona foreclosure 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.

Yes, they may call and ask you to pay the $17,000 to which you can settle with them for a very small amount if you want to go that route. They could file a judgment against you, but it's very very unlikely. More than likely if you do nothing they will just write it off and 1099 you for that amount.

Good Luck

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