Home arrow Mortgage Forums arrow Loan Talk for First Time Home Buyers arrow

heloc went to Real time resolution before foreclosed in california.

Author Message
Icon Mini Profile yattiyada





Joined: 21 Feb 2010

Posts: 1

1.35 Dollars($)
Post Posted: Sun Feb 21, 2010 11:17 am    Post subject: heloc went to Real time resolution before foreclosed in cali
Like 0
Dislike 0

My home in Cali was foreclosed on about 6months ago.
The second (Heloc, purchased money) was sold to Real time resolution before the home was foreclosed on.

First question: I live in California (non-recourse state) and both my loans were purchased money and never refi or pull money out, doesn't the second loan [Credit Line Secure revolving] get wiped out when the house was foreclosed on?

Second question: They are reporting late payment to the credit bureau for the past 6 months, 180 days late payment. Only collection activity is a call to my cell once in while. How long can they continue to report to the bureau.
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



Posts: 10562
Location: ALASKA
1089.18 Dollars($)
Post Posted: Sun Feb 21, 2010 8:12 pm    Post subject:
Like 0
Dislike 0

Welcome yattiyada,

It is true that California is a non-recourse state and the lender cannot come after you for the deficient balance resulting from the sale of the property. You should contact your lender first and clarify whether or not they have sold the second loan to a collection agency. You can contact an attorney who can even contact your lender and check out as to why your loan has been sent to collection agency when California is a non-recourse state.

_________________
Procrastination is the enemy of your financial success
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights

Bookmark this page

Helpful References

Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators

     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools

Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community

MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards

Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (252)











We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.043 seconds.