Legal Question in Credit and Debt Law in California
House on foreclosure
Our house is on foreclosure. We got divorced late last year. Ex-husband is still living in the house & let it foreclosed. We have an equity loan from another bank. The money we took out went to the pool construction which become a fixture. Ex-husband did not consolidate the 2 loans when we refinanced. Ex-husband is depending solely on retirement check from the military & I was laid off. The bank where we took the equity loan told me that they can still go after me eventhough the house is foreclosed by the first bank & they want all the balance paid in full. I can not afford to pay it & ex-husband does not care. What are my options to get out of the equity loan? I am willing to negotiate & pay a fraction of the loan since I do not get anything from it. The amount we spent in the pool is way more than the loan we took out. Thank you.
2 Answers from Attorneys
Re: House on foreclosure
You should file for bankruptcy
Re: House on foreclosure
Have you considered bankrauptcy? While I would need more specific facts about your situation, bankruptcy could help you save the house and possibly reduce or eliminate the equity loan. You should speak with an attorney to see what your options are.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
