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You signed for it, you pay it. You're not "facing new debt", it's debt YOU CHOSE to take on. Sell whatever you bought with the money you took out of the heloc and start paying it back.
I wish the feds would take this same approach with the financial institutions.
I don't understand why corporate america gets a pass getting welfare. With taxpayers money no less. taxpayers who are so destituted...that they are losing the very roof over their heads.
Even in a foreclosure, the owner is still responsible for any debt not satisfied by the auction/sale of the home. Read the paperwork... try to pay it if at all possible (really, really try)... if its truly impossible, consult a Bankrupcy attorney
Supposedly, my first and second loan were approved for a Deed in Lieu of Foreclosure in Las Vegas, Nevada and after everything went through ok, I run my credit and found out that I still have the HELOC account open. I called my lender and they say that I still have to pay the 2nd.
I'm assuming that your first and second mortgage were with the same lender, correct? They have to be for the deed in lieu to have any effect on the second. If you HELOC was with a different lender, then yes, it is still outstanding.
Obviously there are very few of you that can read and those of you that did gave the correct response.
Since you were so concerned you should have read the paperwork before you signed it at that point you would have known that the heloc was or was not included. Never! trust what comes out of some ones mouth vs what they put it writing. If the heloc is inc. then you need to find out why the acct was not paid or were you suppose to pay it when you received the funding.
Hope this helps
Supposedly, my first and second loan were approved for a Deed in Lieu of Foreclosure in Las Vegas, Nevada and after everything went through ok, I run my credit and found out that I still have the HELOC account open. I called my lender and they say that I still have to pay the 2nd.
I need help what should I do in this situation? I can’t pay off this debt and I have tried so hard to pay off all my credit cards and now I face this new debt.
Who do I need to talk to? Do I need to go through the same process like I did with my first loan? Then why did my lender said that they were going to include both loans and I the end I still have to pay?
The way I see it is that the HELOC has to be paid back, because it was not loaned out as part of the purchase of the home. Pretty simple. You decided to pretty much use and drain the home of it's equity and treated it as a cash machine. It was your choice and had nothing to do with the purchase of the home.
To ALL PEOPLE- You shouldn't ever use your home as a cash machine, unless you can pay it back.
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