Heloc
My wife and I have decided we have no choice but to give up our home. It is currently underwater by $500K +. There are $1.5 million in loans and market value has decreased to less than $1M. There is a HELOC outstanding for $150K. We would like to avoid BK but I am confused about what would happen if the HELOC holder gets a difficiency judgement against us after we lose the property. The BK attorney says we should file for Chapter 7 now but we are not sure what to do. I have offered to settle the HELOC for 15% but the lender is not commenting. I think this is a wait and see game. Do I lose any advantage if I wait?
- You are you viewing the Bankruptcy Forum as a guest (limited viewing).
Don't have a BKForum account yet?
Please REGISTER (it's FREE & takes 30 seconds) so you can post your own questions and see all the features available to registered users. - Welcome to the Bankruptcy Forum aka BKForum. We have strict rules and guidelines to which everyone must adhere to.
Please review our rules before you make your first post.