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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Short sale receovery for a home equity line of credit Posted by Davenport on October 05, 2009 at 1:56 PM In Reply to: Short sale is not a judgment, deed-in-lieu, or a foreclosure! posted by Ward-CA- on May 18, 2002 at 8:57 PM : : Once a short is completed, what are the consequences in CA for not being able to pay a home equity loan by the same lender. We were led to believe if the home sold for at least 80% of the new appraised value, the entire debt would be written off. We signed an acknowledgment that the debt was collectible but were told that was merely a formality. Now, B of A's recovery department is trying to get us to agree to pay back terms on the remaining balance. Why would they have misled us? What can they do in CA to collect the debt? Follow Ups: Re: Short sale receovery for a home equity line of credit Lisa Elaine 6:10 AM, 01/04/10 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : : Once a short is completed, what are the consequences in CA : for not being able to pay a home equity loan by the same lender. : We were led to believe if the home sold for at least 80% of : the new appraised value, the entire debt would be written off. : We signed an acknowledgment that the debt was collectible but : were told that was merely a formality. Now, B of A's recovery : department is trying to get us to agree to pay back terms on : the remaining balance. Why would they have misled us? : What can they do in CA to collect the debt? [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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