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I HAD A HELOC ON A HOUSE THAT I WAS LIVING IN. THE PAYMENT…

Customer Question
I HAD A HELOC...

I HAD A HELOC ON A HOUSE THAT I WAS LIVING IN. THE PAYMENT BECAME TOO MUCH TO HANDLE AND I ABANDONED THE HOUSE IN APRIL 2016. I ASSUMED THAT AFTER I TOLD THE MORGAGE CO. THAT THEY WOULD FORECLOSE AND WE'D GO FROM THERE. WELL THEY DIDN'T. THEY SENT THE ACCOUNT TO A DEBT COLLECTOR AFTER ADDING SEVERAL THOUSANDS OF DOLLARS IN LATE FEES. I DON'T HAVE THE MONEY, AND I HAVEN'T BEEN LIVING IN THE HOUSE FOR OVER A YEAR AND A HALF WHAT'S MY BEST COURSE OF ACTION?

Lawyer's Assistant: Since laws vary from place to place, what state is this in? And has any paperwork been filed?

ILLINOIS. I'VE NEVER FILED ANYTHING.

Lawyer's Assistant: Has any paperwork been filed?

What kind of paperwork would you mean?

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I was in the house recently and saw that someone had broken into it and winterized the plumbing fixtures. the local city is now on me for upkeep of the lawn and the condition of the foundation is becoming a problem

Submitted: 8 months ago.Category: Real Estate Law
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Answered in 1 minute by:
10/3/2017
Real Estate Lawyer: DrakeLAW, Lawyer replied 8 months ago
DrakeLAW
DrakeLAW, Lawyer
Category: Real Estate Law
Satisfied Customers: 1,038
Experience: Attorney at Drake Law Firm PLC
Verified

Hi, my name is ***** ***** I look forward to helping you, please give me a moment to review and possibly research answers to your question.

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Real Estate Lawyer: DrakeLAW, Lawyer replied 8 months ago

Was there also a first mortgage on the property?

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Customer reply replied 8 months ago
ok
Customer reply replied 8 months ago
do you have an answer to my question?
Customer reply replied 8 months ago
There was no other.
Real Estate Lawyer: DrakeLAW, Lawyer replied 8 months ago

Sorry, I had signed off before I saw your response but it was after the time stated so not sure what happened there.

Well that makes sense there is no other mortgage, most HELOC debt buyers will not actually foreclose. You can contact them and ask if they will accept a deed to the property in satisfaction of the debt. You can also sell the property as-is with the HELOC on it. Other than that, you will be liable for all property issues so long as title is in your name.

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Category: Real Estate Law
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