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JC from california,

Hi, my heloc is now been transferred to a collection agency, problem is i got sued with a bogus lawsuit and am now broke not because of a judgement but because of the attorneys. Now the people that have sued me is occupying my property paying the first mortgage every month themselves leaving the second mortgage from the same bank unpaid. In my case I could continue to spend money and fight them in court and win but Id be more in debt with my attorneys and get foreclosed on. My real problem is that if the bank forecloses on the first and the second whatever unsecured loan thats leftover which i would be liable for would my wife be liable for it too even though i bought the property when i was still single and her name is nowhere in it?

jameshogg · Posted: Tue Apr 20, 2010 9:05 pm Post subject:

Hi John,

If the lender forecloses the property, then you would be liable for the balance amount which results after the sale. It will also have a negative affect on your credit report. However, if your wife's name is nowhere on the mortgage docs, then the lender will not be able to come after her for the payments.

Thanks

Guest

Thanks for the reply James,
i guess my next question would be is that whatever is left over and i would be liable for say 100k plus but i really dont have the means to pay it since i spent all my money on lawyers and lost my business in the process would chapter 7 be my best bet to get the unsecured debt off my back after when the first forecloses? or should i do chapter 7 while the first hasnt started foreclosing and before the 3rd party collectors call for the charged off heloc? if i did file chapter 7 would my wife have to be in the bk too? and say she has a decent amount saved in her savings whould that be affected by the bk?

Guest

i dont really care about my credit score atm since its been messed up since this whole thing started 3 years ago and i dont see myself buying a house anytime soon, all i really care about is protecting what i have left instead of giving it away and leave myself with nothing at all.

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