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Tina
Tina, Lawyer
Category: Real Estate Law
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Experience:  17 years of legal experience including real estate law.
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The bank foreclosed on my house, said the line of credit would

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The bank foreclosed on my house, said the line of credit would be written off. After foreclosing, the sold the house for more than they foreclosed on it for and say will not negotiate or write off the line of credit. My wife and I have tried to negotiate a settlement, to no avail. We are left with a 85,000 dollar debt.. what can we do?
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Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Maverick replied 2 years ago.
Welcome! My name is Maverick. I very much enjoy what I do and I hope that you will benefit from this information.
The bank foreclosed on my house, said the line of credit would be written off.
1. This normally means that any debt owed that was above the proceeds from the foreclosure sale would be treated as a "bad debt" on their accounting books for the time being and maybe for ever if it is not later collected. It has nothing to do with whether you still legally owe the debt or not. Nor does it mean they cannot come after you for it.
After foreclosing, the sold the house for more than they foreclosed on it for and say will not negotiate or write off the line of credit.
2. I do not understand what you are saying here. Are you saying that they sold the house for more than what you owed on the line of credit? If so, then you would not owe 85K still unless that is for interest, legal fees, and court costs.
3. Do you have any assets at risk?

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