QUESTION
What happens to a second home equity line after foreclosure?
Asked on Oct 25th, 2012 on Foreclosures - Arizona
More details to this question:
The foreclosure was four years ago. Now, four years later, lawyer contacts me to pay on this all immediately $5000. I gave the company my last $437 and they said they will call me again next month to get the rest. They said they will not take a payment plan.
2 ANSWERS
Civil Litigation Attorney serving Federal Way, WA
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Stasch Law LLC
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The foreclosure only satisfies the first mortgage. You are still responsible for the Home Equity loan. However, if you haven't made a payment on it in six years and no one has filed a law suit, an action on the debt is barred by the statute of limitation.
Answered on Oct 27th, 2012 at 2:12 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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It depends on the law of the state where your property was located.
Answered on Oct 27th, 2012 at 1:06 PM