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Recent HELOC questions

I signed a promissory note for 118,000. To be paid at time

I signed a promissory note for 118,000. To be paid at time of sale. What happens if the real estate is sold and there's less then118,000.?JA: What confuses you?Customer: When we sell the house the proceeds will be less then what I oweJA: Because laws vary from place to place, can you tell me what state this is in?Customer: Pennsylvania Chester countyJA: Has any paperwork been filed?Customer: I signed a promissory note when the house was purchased. We bought the house for 380000 we have a mortgage balance of 145k and a HELOC for 150K the houses at this time are selling for 380 to 410JA: Anything else you want the lawyer to know before I connect you?Customer: I believe that's all thank you

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RealEstateAnswer

Juris Doctor

37,768 satisfied customers
I have a property with a mortgage and a home equity loan. I

I have a property with a mortgage and a home equity loan.JA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: I filed bankruptcy in 2011 and included both a mortgage and a home equity loan. I just refinanced the mortgage the home equity came due and they have a law firm that is initiating foreclosure on the property. My mortgage is in good standing. What action can the home equity people take?JA: Has any paperwork been filed?Customer: no just a threatening letter.JA: Anything else you want the lawyer to know before I connect you?Customer: I don't think so. I stand to be in a position to pay this home equity later in the year but nothing is ever certain.

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

54,846 satisfied customers
I am looking to sell my home in GA. My first mortgage is

I am looking to sell my home in GA. My first mortgage is paid on time, but my heloc was charged off. I need advice on what to do.JA: Because real estate law varies from place to place, can you tell me what state this is in?Customer: GeorgiaJA: Has anything been filed or reported?Customer: The Heloc is no longer on my credit report and they have not contacted me or demanded any payment.JA: Anything else you want the lawyer to know before I connect you?Customer: The Heloc was for 10 years, did it in 2006. I think the SOL is over. I know it was listed as a secured debt with the county.

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DrakeLAW

Juris Doctorate

1,472 satisfied customers
I am currently attempting to have my as loan modification

Hi I am currently attempting to have my as loan modification with B of A on my HelocJA: Where is the property located?Customer: New JerseyJA: Has any paperwork been filed?Customer: I have been attempting this loan modification since May of 2016.JA: Anything else you want the lawyer to know before I connect you?Customer: Yes today I received a lien release from Recon trust which says my loan was partially paid

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Attyadvisor

Doctoral Degree

8,832 satisfied customers
I am looking to merge two HELOC's i have with Bank of

I am looking to merge two HELOC's i have with Bank of America on my primary, single family home. one HELOC is on a fixed interest rate, the other is a variable rate HELOC which draw expiration is in September of this year. My credit is "Good" but i have a high income/debt ratio. The mortgage balance on my home does to allow for enough equity to just refinance outright. Where can I go so I can manage mortgage payments without going bankrupt?My first mortgage is below $100,00.

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110 satisfied customers
What make me legally binded to a HELOC I didn't sign? Is

Hi Pearl. What make me legally binded to a HELOC I didn't sign? Is there a law that states wheter someone legally binded to a HELOC they did not apply for? Thank you.JA: Where is the property located?Customer: New YorkJA: Has any paperwork been filed?Customer: I went to 3 conferences, but no agreement was reach. Now a stay is in place for 60 days. The bank has to appear on Aug 29.JA: Anything else you want the lawyer to know before I connect you?Customer: yes. it will take me a couple of mins to type it..

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

119,244 satisfied customers
In Alabama, I invested in a tax lien tax eventually became a

Hi, In Alabama, I invested in a tax lien tax eventually became a tax deed. I found that the deed had past due excessive HOA fees and liens, and the mortgage is more than the value of the condo. How do I get out of this?JA: Because real estate law varies from place to place, can you tell me what state the association is in?Customer: AlabamaJA: Has any paperwork been filed?Customer: are you there?JA: No. I'm the Real Estate Lawyer's Assistant.Customer: ok, I hired an attorney. But he's very busy and not communicating well with me. I am stressed about this and just need a second opinion. We are being foreclosed on by the HOA for 24,000 in liens - before my tax deed was issued. Am I responsible for this?JA: Anything else you want the lawyer to know before I connect you?Customer: I have two of these situations

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Damien Bosco

Attorney

Doctoral Degree

4,046 satisfied customers
I live in Michigan. I have a first mortgage im passed due on

I live in Michigan. I have a first mortgage im passed due on and a heloc that went to a collection agency about 7 years ago. I was paying the collection agency until i lost my job about 2 years ago. I owe 15,000 on my house total and 4,500 on the heloc.Today i got a letter in the mail saying motion hearing for may 1st. Motion to amend case caption. It says im required to go. It's from the collection agency for my heloc.What is it?Why am i required to go?Are they starting foreclosure proceedings?What happens if i don't go?If it matters, the bank changed it's name 2 years ago.

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

54,846 satisfied customers
Should I use my home equity line rather than getting a small

Should I use my home equity line rather than getting a small business loan? I plan to pay it back as quickly as possible. I'm opening a second store. I've been in business for 5 years and am opening a 2nd retail store location and I am going to need to borrow money for this one.

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RealEstateAnswer

Juris Doctor

37,768 satisfied customers
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