Even if your home is sold in foreclosure, you may still be on the hook for the difference between the amount you owe the bank and the amount the property sold for. Years later, the bank may come after your paycheck to recoup there losses. Unless, of course, you live in a non-recourse state. In [...] [...more]
If you’re a HELOC borrower facing foreclosure, Obama’s new Homeowner Affordability and Sustainability Plan has something for you. The housing plan has a provision that allows “mortgage cram-downs,” a highly controversial practice that allows bankruptcy judges to alter the terms of a mortgage at their discretion. Basically, when the plan becomes law, you could file [...] [...more]
A growing number of homeowners are walking away from their homes, giving their keys and their worries to the bank. It’s important to note, however, that this isn’t aways possible for borrowers who have a HELOC. Homeowners living in a “recourse state” will still be responsible to pay off their home equity line, even if [...] [...more]
