I had a house it was a rental i was under bigggg time it was foreclosed on. the second mort keeps sending me bills im afraid to call them. was dec 2009. i cant pay 55000 for a house i dont have. What does anybody think about this situation. Scared!
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I can't speak to the laws in PA, however where I live (Arizona) lenders are barred from going after foreclosed homeowners for deficiency judgements, assuming that the home was the primary residence and not an investment property. Even here, a bank could treat the deficiency balance on a rental property the same as any other delinquent unsecured debt and file a lawsuit to try and collect.
I have heard that in PA, a judgement creditor can even go after your personal property, which does not happen here. And assuming that you still own a primary residence--or any other real estate--you can be sure that the bank will go after you for this HELOC. I'm not saying you need to file for bankruptcy right now, but you better get an attorney picked out and be prepared to file ASAP if/when you get sued on this. -
Thanks for the input. I'm swrewed trying to wait it out for 6 months.Comment
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