can the bank sue me if my home foreclosed for the money?
In 2007, I was tricked into a Heloc Home Equity loan for 480K based on my great credit on a house I’ve never seen in Georgia. I live in florida. I later found out that I was not on the primary loan, yet was the sole person on the Heloc. The total amount owed is 1.4 mil, but now worth not even 350K. Do you think a short sale would be a solution? Or just let it foreclose? and if it foreclose, can the bank sue me?
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your talking about a lot of money what a legal mess and yeah they can sue you.
If total amount owed is that much a short sale won’t do you any good. That’s crazy what happened to the money from the home equity loan.
When I seen something like this happen it court a few years ago the couple filed a chapter 13 to repay it back.
I would have to agree with that type of negative equity a short sale maybe out of the picture that is truly amazing that in 2007 a lender would loan 1.4 million on a property that has an fmv of 325K in 2009
Your main problem lies in the fact a home equity loan is recourse, meaning if the place is foreclosed upon the home equity lender will try and recover 480K from you, so if you have assets like a home which is paid off, checking account, stocks these are all subject to seizure
What was the 480K spent on? Do you have legal recourse against the person who spent the monies?
O-YES !!! go into short sale , make sure you are with a Realtor that does short sales … Bush passed a bill 01/02/2008 no recourse on primary homes but what u have described is an investment home …Really would be good for u to see a Real Estate Attorney …. For the short sale to go quicker u need to send in financials including w/2, bank statements, AND a hardship letter,[needs to be strong] … This will show them u can not afford the house … Your Realtor will have u sign a letter to be able to communicate with them and that is all u do the Realtor will do the rest ….
Your credit will not be as hurt as bad if u do a short sale rather then a full blown foreclosure …… but really lets see an attorney first, A Real Estate attorney …. good luck !!!