Car and HELOC from same lender - repo?

[kinraw]

I am in the midst of loosing my rental property to a short sale or foreclosure and eventually I will go BK. The home has a 1st and a HELOC. I've stopped paying the 1st but am still paying the HELOC. The main reason i'm still paying the HELOC is that the lender also holds the note to my truck (i have about 11 payments to go on the truck).

I'm wondering if i stop paying the heloc but keep paying the truck, will the lender go after my truck (repo) as a result of not paying the heloc? Knowing i am going to eventually loose my rental property i am thinking i might as well put the money that i put toward the heloc towards my truck as overpayments to pay it down faster.

Thoughts?

[doni49]

Is this a CU? I've come to find out that they are notorious for cross-collateralization clauses in their loan docs. If there's no CC clause, then there's no chance they could legally do that (IMHO that is).

Of course, I'm no attorney.

[kinraw]

Thanks for the reply. CU? I will check to see if there is a cross-collateralization clause in the loan docs.

[doni49]

CU = Credit Union

[doni49]

Thanks for the reply. CU? I will check to see if there is a cross-collateralization clause in the loan docs.

Hi Kinraw,

Just curious what ever happened with this.

[debee]

I'm curious too ...