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heloc went to Real time resolution before foreclosed in california.

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yattiyada Joined: 21 Feb 2010 Posts: 1 1.35 Dollars($)	Posted: Sun Feb 21, 2010 11:17 am    Post subject: heloc went to Real time resolution before foreclosed in cali Like 0 Dislike 0 My home in Cali was foreclosed on about 6months ago. The second (Heloc, purchased money) was sold to Real time resolution before the home was foreclosed on. First question: I live in California (non-recourse state) and both my loans were purchased money and never refi or pull money out, doesn't the second loan [Credit Line Secure revolving] get wiped out when the house was foreclosed on? Second question: They are reporting late payment to the credit bureau for the past 6 months, 180 days late payment. Only collection activity is a call to my cell once in while. How long can they continue to report to the bureau.
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	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

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