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80/10/10 mortgage

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unggoy_is_god Joined: 03 Sep 2010 Posts: 4 2.03 Dollars($)	Posted: Fri Sep 03, 2010 6:15 pm    Post subject: 80/10/10 mortgage Like 0 Dislike 0 Hi, I have a question, I did an 80/10/10 mortgage with countrywide/bofa and have fallen on hard times as everybody else. my problem is that my second has now been charged off to real time resolutions inc. my question is since i had opened a second only to help purchase the home meaning i never did get any cash out from the heloc was the bank right in doing that? i mean when i did the loan that second should be against the house since i didnt get money out of it. now im worried even though the loan is only under my name and my wife has a some money in her savings account would the collector be able to get a judgement against that? we live in california
smithsussane Joined: 18 Sep 2008 Posts: 10431 Location: Alaska 984.52 Dollars($)	Posted: Fri Sep 03, 2010 9:20 pm    Post subject: Like 0 Dislike 0 Hi unggoy! Welcome to forums! As you've signed the note, you're technically liable for it. The lender can charge off the account. However, the lender will not come after your wife's money if she is not on the mortgage with you. Her savings account will be safe. Feel free to ask if you've further queries. Sussane
unggoy_is_god Joined: 03 Sep 2010 Posts: 4 2.03 Dollars($)	Posted: Fri Sep 03, 2010 9:59 pm    Post subject: Like 0 Dislike 0 Thank you for your reply Sussane. I neglected to mention that the seocnd mortgage was a purchase money mortgage and according to california anti delinquency laws the bank may not come after me for delinquencies if i lived in the property. but here's the catch i used to live on the said property but i had it listed to be sold so i moved out then escrow fell and some legal problems ensued preventing me to move back in or sell it again or deed in leiu it back to the bank. i suppose the bank looks at that as an investment property since its a 4 unit and the fact that i dont live on the property for quite some time since i had it listed (3 yrs ago) is that why they continued to charge off my second?

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