Legal Question in Credit and Debt Law in Indiana
Equity Loan
My home equity line when into default after 3 or 4 months of non-payment but I made it current at that time and it has been for over a year. The bank proceded with default during that time anyway while accepting payments and is still accepting them. Now they have a judgement against me for garnishment. I don't want to file backruptcy. What recourses do I have.
1 Answer from Attorneys
Re: Equity Loan
Much will depend on the language of your loan documents-can they accelerate your loan (which means declare the entire balance immediately due and payable) and continue to accept payemnts without waiving their rights to proceed to judgement? Most courts will not allow them to proceed if they have allowed you to become current, but I suspect they have costs and attorney fees they want you to pay before they will reinstste the loan.
I strongly urge you to hire counsel immediately to try to assist in getting the loan reinstated without filing a Ch 13 bankruptcy-an attorney who specializes in this area may know opposing counsel and can workout an arrangement that could allow you to pay the costs and fees over time and then vacate the judgement.
John E Bator
Bator, Redman and Shive, P. C.
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