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Old 09-22-2009, 10:27 AM
 
2 posts, read 5,773 times
Reputation: 10

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My husband and I moved to NC from FL two years ago. The construction industry tanked so we had to go where the money was. Long story short, our first mortgage on our home in FL was foreclosed upon leaving a HELOC approximatley $57,000.
Last week I received court papers from Suntrust served to me by a police officer for our HELOC on that home. I don't know what to do. I now own a home here in NC along with two cars and a boat (in my name and my ex-husband's name). Everything is in my name only with exception to the boat. I have been reading that the HELOC lender can sue me personally for the money. Am I going to loose everything and end up renting an apartment and walking to work? Should I file Chap 7?
Short of consulting an attorney (which I cannot afford), any advice would be greatly appreciated.
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Old 09-22-2009, 11:10 AM
 
Location: Florida
917 posts, read 2,615,281 times
Reputation: 288
You might be better off posting your question here:
//www.city-data.com/forum/mortgages/
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Old 09-22-2009, 01:54 PM
 
Location: Florida Space Coast
2,356 posts, read 5,091,114 times
Reputation: 1572
I think yachtcare mentioned something about florida laws allowing for recovery of losses and even going after future earnings. hopefully he can add to this.
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Old 09-22-2009, 07:04 PM
 
Location: SW CAPE CORAL
111 posts, read 287,241 times
Reputation: 110
You need to speak to an attorney regarding asset recovery. There is a chance that they may come after you for the HELOC, but technically the home was collateral. You may need to file bankruptcy to clear the future chance of a judgement. Lets hope not!
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Old 09-22-2009, 07:30 PM
 
Location: Ft. Myers Florida
128 posts, read 648,234 times
Reputation: 65
I'm sorry not sure what a HELOC is but I assume a home equity loan? But why would you think you can just walk away without some kind of repayment?
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Old 09-23-2009, 05:24 AM
 
Location: Florida
917 posts, read 2,615,281 times
Reputation: 288
Quote:
Originally Posted by tommy-105 View Post
You might be better off posting your question here:
//www.city-data.com/forum/mortgages/
This thread seems relevant:
//www.city-data.com/forum/mortg...loc-event.html
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Old 09-23-2009, 06:52 AM
 
Location: WI
1,133 posts, read 2,930,923 times
Reputation: 264
Quote:
Originally Posted by Roadrunner69 View Post
I'm sorry not sure what a HELOC is but I assume a home equity loan? But why would you think you can just walk away without some kind of repayment?
I not sure about this also and tell me if I'm wrong, But like Roadrunner says, why do you think you don't owe the debt???

Let me get this right, You bought a house in Florida that you couldn't afford, took out a second $57.000 loan (HELOC) on it, moved to another state, bought ANOTHER house, two cars and a boat??? and don't think you owe the money back? WHAT? The reason my(and your) tax dollars are going to bailout banks are because of people like you!! and the stuiped lenders who gave you the money in the first place.

It seems people like you are whats wrong with SW Florida. I would suggest, that you take out a second loan on your NC home to pay for an attorney mr.cool
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Old 09-23-2009, 10:28 AM
 
2 posts, read 5,773 times
Reputation: 10
Mr. Cool, you're very kind. Thank you for the warm welcome. You do not have the full story which I am sure I said in my original post. However, I choose not to waste my time explaining it to you as I care not what you may think of me or my situation. Thanks all for the info and advice.
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