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Long story short. Took out a $63,000 Line of Credit on Condo in 2005 under wifes name. Sold Condo bought house in 2007 under my name only. Condo mortgage paid off but HELOC wasn't. I continued to pay on time monthly all this time.
Now I'm running into dry spell with income and cant afford to.
Still owe $62,000!! 8% rate, paying minimum of $350.00/mth
Anyone expierence this??? Can I stop paying? Will they do a modification for me to a lower rate? Will they just give it to collections? My wife doesn't own anything anymore.
Long story short. Took out a $63,000 Line of Credit on Condo in 2005 under wifes name. Sold Condo bought house in 2007 under my name only. Condo mortgage paid off but HELOC wasn't. I continued to pay on time monthly all this time.
Now I'm running into dry spell with income and cant afford to.
Still owe $62,000!! 8% rate, paying minimum of $350.00/mth
Anyone expierence this??? Can I stop paying? Will they do a modification for me to a lower rate? Will they just give it to collections? My wife doesn't own anything anymore.
If Citi did not sign off on the sale of the condo........
Do not pass go......go straight to an attorney's office. You sold a condo and represented the only debt on the property was the one loan?
The lender for the buyer of the condo is covered by title insurance......the borrower could have a case of fraud against the seller of the condo (your wife), even without title insurance.......and then the title insurer would be putting a target on your back.
I'm crossing my fingers that you left out a vital step in your story........
Not sure what that vital step is...I think I said everything plain and clear. Why didn't my closing attorney catch that the title was not clear?? I dont get that. When you go get the title, should both loans have been on there??
I been paying the heloc all along but not sure if I need to now. What if the title was clean? Can that be? What if the heloc was never attached to the property?
I remember my loan officer was through email and during the spike in mortgage handouts. Could it be they screwed up and it's not secured to anything???
I dont want to ask the attorney because my wife works there + I dont want them saying I owe the full amount now. We're in no position to do that let alone pay $350 a month.
Not sure what that vital step is...I think I said everything plain and clear. Why didn't my closing attorney catch that the title was not clear?? I dont get that. When you go get the title, should both loans have been on there??
I been paying the heloc all along but not sure if I need to now. What if the title was clean? Can that be? What if the heloc was never attached to the property?
I remember my loan officer was through email and during the spike in mortgage handouts. Could it be they screwed up and it's not secured to anything???
I dont want to ask the attorney because my wife works there + I dont want them saying I owe the full amount now. We're in no position to do that let alone pay $350 a month.
If the heloc was never placed against the condo, it would not be called a "home equity," but a credit line. A 60K credit line, while not unheard of, is not likely. Did you deduct the heloc interest on your tax return as home interest?
The listing agent would have asked what monies were owed against the condo, as would the title company. Both procedures are standard practice. Ask your wife if there is a questionnaire they send to sellers. You'll find out real quick what happens when you stop paying that loan. I'm sure you're aware ignorance is not a defense. The title insurance will be paying the claim, and I am willing to bet, coming after you and your wife for fraud. Because a lien was not caught, does not relieve you from the obligation of paying it, far from it. The fact that she worked at the attorney's office will give the impression she should have known better.
I stand by my original advice. Go see an attorney, not where your wife works. You could have more than one problem here and you cannot afford not to go.
It was $63,000 extra in my pocket from the sale but to be honest I did forget. We closed pretty fast.
Quote:
Originally Posted by Snowman27
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I can't...not that I think I don't have to. 2 HUGE DIFFERENCES.
So what happened to the "extra $63,000 in your pocket." I have a hard time believing a person could "forget" they owe $63,000. What the heck happened to all that money during the period of time you "forgot"?
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