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We are facing foreclosure on our home from a layoff. My husband was forced into early retirement. We are not doing a short sale so please do not comment on that, thank you. We are out of our home and into another one we paid off in full with my husband's early retirement money (the homes are real cheap here now, so we took advantage of that. The money we used to buy our home was not near enough to pay our current home off). We are now 3 months behind on our other house that we moved out of, but we are going to continue to pay the HELOC (2nd mortgage/line of credit) on time. If we do this, can the company still demand the full amount on the heloc after the foreclosure is complete even if we are paying the heloc bill on time? I guess my real question is can they do anything about it if we are current on our heloc payment? The HELOC was used for other things (like our son's college for instance), not home improvements. Our home value has plummeted due to the economy here in Arizona, and is not worth what near what we owe on it. It is considerably less, so the HELOC wont be paid in full from the mortgage company. We are still paying our heloc bill on time. Can they sue us for full payment if we continue to pay it on time? thank you PS: we are not going to consult a lawyer. We have already decided to do a foreclosure versus short sale. It is best for us in our situation. We have educated ourselves on it and do not have the money to shell out for a lawyer. Not everyone can afford one. We are just asking about the heloc info above. Thank you

I am moving this thread to the 'Get a Loan and Mortgage' section. You will get more members to see it.

Sub: #1 posted on Wed, 10/27/2010 - 11:34

phoenix phoenix
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