InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Code References 50 State Resource Data 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 JK (the other JK) on February 12, 2008 at 4:24 PM In Reply to: Owing Money on a HELOC - going into foreclosure posted by Ryan on February 12, 2008 at 4:09 PM : I stopped paying my mortgage and HELOC 4 months back. I understand the second mortgage holder is holding the bag, so to speak. I used the money for other things, and I have lost most of it. Are there any repurcussions other than my credit score? "Other things" like what? Assuming the First forecloses and wipes the Second off your property, the bank could go and get a Deficiency Judgement and chase you for the money for the rest of your life. They could have the sheriff seize your bank accounts, garnish your wages, take your car (if it's paid for). They could call you into a Judgement Debtor hearing and take the cash out of your pockets, the watch off your wrist and the ring off your finger. If you die and leave anything behind they could go after your estate. That being said they may do absolutely nothing at all. No one knows. Follow Ups: Re: Owing Money on a HELOC - going into foreclosure Larrywww 6:38 AM, 02/14/08 (6) Re: Owing Money on a HELOC - going into foreclosure JK (the other JK) 7:31 AM, 02/14/08 (5) Re: Owing Money on a HELOC - going into foreclosure Gerry 11:47 AM, 02/19/08 (4) Re: Owing Money on a HELOC - going into foreclosure jeff 2:18 PM, 10/07/08 (2) Re: Owing Money on a HELOC - going into foreclosure kat 2:54 PM, 09/12/10 (0) Re: Owing Money on a HELOC - going into foreclosure Jeff 10:31 AM, 10/15/08 (0) Re: Owing Money on a HELOC - going into foreclosure Ryan 6:31 PM, 02/20/08 (0) Re: Owing Money on a HELOC - going into foreclosure okey 4:42 PM, 02/12/08 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : I stopped paying my mortgage and HELOC 4 months back. I understand the second mortgage holder is holding the bag, so to speak. I used the money for other things, and I have lost most of it. Are there any repurcussions other than my credit score? : "Other things" like what? Assuming the First forecloses and wipes the Second off your property, the bank could go and get a Deficiency Judgement and chase you for the money for the rest of your life. They could have the sheriff seize your bank accounts, garnish your wages, take your car (if it's paid for). They could call you into a Judgement Debtor hearing and take the cash out of your pockets, the watch off your wrist and the ring off your finger. If you die and leave anything behind they could go after your estate. That being said they may do absolutely nothing at all. No one knows. [ 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 © 1997-2008, 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