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My wife’s house in Illinois went into foreclosure. I bought…

Customer Question
My wife’s house in...

My wife’s house in Illinois went into foreclosure. I bought a trailer on 4 acres in Tennessee three years ago and moved here while the wife lived in Illinois. She moved here about 2 years ago to stay with me till all here Illinois issues got sorted out. I was on a heloc with my wife but wasn’t on the home loan. There is a balance of approx 23000 on heloc which I understand will not be paid off by the sale of the house. I was needing to know how to proceed.

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

I have not done anything. The wife’s house just went into foreclosure this week I believe

Lawyer's Assistant: Have you talked to an IL lawyer about this?

No

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

Don’t think so

Submitted: 4 months ago.Category: Real Estate Law
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Answered in 4 hours by:
3/18/2018
Real Estate Lawyer: Barrister, Lawyer replied 4 months ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 42,577
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

.

If you are on the HELOC and the sale doesn't pay it off, then the lender can come after you for payment on that loan since you signed to be personally liable.

.

TN only has a $7500 homestead exemption for a person's home for equity, so if you had more equity than that, they could potentially force a sale of the house to pay off the debt if you didn't work out some type of settlement with them to pay it off..

.

.

thanks

Barrister

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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