InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Annual Reunion Speaking Schedule Store Foreclosure Fundamentals Code References 50 State Foreclosure Basics Foreclosure Glossary Foreclosure Statistics 70+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map About Us Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Owing Money on a HELOC - going into foreclosure Posted by kat on September 12, 2010 at 2:54 PM In Reply to: Re: Owing Money on a HELOC - going into foreclosure posted by jeff on October 07, 2008 at 2:18 PM My husband was laid off. We have a home on less than one acre and have a heloc (line of credit) for about $20,000) we had taken out. We also refinanced our home a couple times over the past 12 yrs we've lived in it, like lots of people do. We have to foreclose. We are not doing a short sale. Will the lender forgive the morgage and the line of credit? We had enough money to buy another home cash as we could not afford the monthly payments on our home any longer. We live in Arizona. In Arizona if we have had a hardship,and have to foreclose and walk away with a heloc as well, what will happen? We are nervous about all of this...a first for us....but we have no choice. OUr original morgage when we bought it was $136,000. With the two refinances it is now $212,000 and the line of credit is about $20,000. Thank you Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : My husband was laid off. We have a home on less than one acre and have a heloc (line of credit) for about $20,000) we had taken out. We also refinanced our home a couple times over the past 12 yrs we've lived in it, like lots of people do. We have to foreclose. We are not doing a short sale. Will the lender forgive the morgage and the line of credit? We had enough money to buy another home cash as we could not afford the monthly payments on our home any longer. We live in Arizona. In Arizona if we have had a hardship,and have to foreclose and walk away with a heloc as well, what will happen? We are nervous about all of this...a first for us....but we have no choice. OUr original morgage when we bought it was $136,000. With the two refinances it is now $212,000 and the line of credit is about $20,000. Thank you [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-date("Y"), InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455