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Here’s an interesting court case from New York. A couple facing foreclosure says that they were looking for a home equity line of credit to remedy their financing troubles. An investment group said they could provide a HELOC. But, after the papers were signed, the couple learned that the documents were actually a purchase agreement [...] [...more]
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In the last few years, bankruptcy laws have become stricter. In some cases, a judge will eliminate HELOC debt. However, it has been standard practice to keep debts in place in cases of fraud. If a borrower lies on a loan application (which happens regularly with stated income loans), a judge will generally not discharge [...] [...more]
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If you can no longer pay your first mortgage, your HELOC lender may be able to recoup some of their money via short sale or foreclosure. However, it’s rarely as simple as “turning in the keys.” This in-depth article explores the financial consequences of HELOC foreclosures and short sales. It also analyzes five possible scenarios for [...] [...more]
