Question: I recently lost my home to a foreclosure, with an existing home equity loan that i may also default on..?

(Posted by: CL55 on 2010-01-12 20:12:38)

My home equity loan is at 15 % and I'll never be able to pay it off. Since Ive already lost my home, does it make sense to just walk away from the equity loan? Perhaps negotiate a settlement? Hire an attorney? Anyone have any experience here? THE EQUITY LOAN IS ONLY 15K....so its not too bad...but since my credit is already trashed from the foreclosure, what is my incentive to continue paying this off even thoguh the house is gone. Secondly since the lender had a lien on the home, how would I know if they got any payment and aren't screwing me over?

Posted by: Sharon T on 2010-01-12, 20:52:27

You don't say how much you owe on it. If it is a lot, you may be forced to consider BK.

Posted by: Nikki S on 2010-01-12, 21:04:45

Probably checking into a bankruptcy attorney would be a good idea, many give a free consultation and if you have other debt as well, it is possible an attorney could try to negotiate some sort of settlement on your behalf instead of filing bankruptcy. Bankruptcy stays on your credit for 10 years so you might try an attorney first.

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