Foreclosure

questions & answers

Question: We had a home that was foreclosed on in 2008. We had a first mortgage and a second HELC, both by the same bank. They foreclosed via trustee sale, not judicial foreclosure. Can they come after us for the total amount of the HELC?

Answer:

You may want to contact an attorney to discuss how the law applies to your specific situation. The following is general information about secured transactions.

Generally the bank can come after the borrower as long as the borrower obtained a HELOC after he or she purchased the home. The HELOC is nothing more than a contract that is entered into that was secured by the home. Once the security is gone, the bank can generally come after the borrower personally for the entire amount of the HELOC that was used.

QUESTIONS

  • We had a home that was foreclosed on in 2008. We had a first mortgage and a second HELC, both by the same bank. They foreclosed via trustee sale, not judicial foreclosure. Can they come after us for the total amount of the HELC?

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