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cfortunato, Attorney
Category: Bankruptcy Law
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Experience:  Bankruptcy professor.
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If I default on the Wells Fargo mortgage and Bank of America

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If I default on the Wells Fargo mortgage and Bank of America HELOC, I declare bankruptcy then the BofA's only recourse is to pursue my ex-spouse, who's in Canada, for any deficit remaining after the home is liquidated. Would it be typical for the BofA to attempt getting anything from her (for anything ranging from $70-114K) and if not, would they send something in writing affirming they have discharged us both from the loan?

cfortunato :

Hi JACustomer,

cfortunato :

It is unlikely that BoA will ''forgive" the debt for your ex-spouse. If BoA does not want to pursue the collection of the balance of the mortgage after the house forecloses, BoA will most likely sell the debt to a collection agency - which will then have the right to collect the balance of the mortgage.

cfortunato :

I think this is what you wanted to know. If not, please let me know.

cfortunato :

Thank you!

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