I have a question regarding my Home Equity Line and Foreclosure. If my home is foreclosed what happens to my home equity line? Am I still obligated to pay the home equity line? Or is it part of losing the home?
I’ve heard that if the mortgage loan and home equity line are together with the same bank, then the whole thing is foreclosed. Is this correct? Can someone please explain?
At this point I just want to get rid of the house and all of the debt. Can I file for bankruptcy and claim my home equity line in bankruptcy? I personally just want to get a fresh start without all of this debt.
Jennifer H
April 15, 2010 at 3:12 am
If you file for bankruptcy, you should be able to include the 1st and 2nd mortgage/equity in filing. If you are at the stage where your home is going into foreclosure, you should talk with an attorney now and start the bankruptcy filing. Each state has their own guidelines.
Good Luck!
Jennifer
April 15, 2010 at 3:44 am
Hi,
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