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HELOC being pursued after foreclosre

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mdvmd Joined: 16 Oct 2009 Posts: 1 1.36 Dollars($)	Posted: Fri Oct 16, 2009 11:06 am    Post subject: HELOC being pursued after foreclosre Like 0 Dislike 0 We did an 80/20 loan with the 20% being a HELOC. after a time we could no longer afford the home and placed it on the market. after 1 yr on market we requested help from the bank. None was given or offered. only option was to sell and possible short sale. Borrowed money from credit cards to stay current for as long as possible. 2.5 yrs on market no offers. Had 1 low offer at end but bank passed on the short sale. Home was foreclosed. now getting letter they want payment in full on HELOC. Is there anything we can do. The home was not sold at foreclosure auction, bank owns.
sunnyca2009 Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)	Posted: Sat Oct 17, 2009 5:59 pm    Post subject: Like 0 Dislike 0 The lender will probably end of sending this to a collection ageny or he can get a ruling from the court to go after yoru assests to collect this HELOC money Probably best option is to negotiate with the lender to work out a lower amoutn and a payment plan
mdvmd1 Guest	Posted: Mon Oct 19, 2009 6:30 am    Post subject: lender pursuing heloc Like 0 Dislike 0 we have no assests. we rent, are in deep, deep debt. student loans etc. what can they pursue. the mortgage company owns the house. what if they sell it won't some money go to heloc.

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