Legal Question in Credit and Debt Law in North Carolina

Need advice on what to do. I have a HELOC that I got thru Eloan in 2006, current balance is $120,000. At the time, I had no first mortgage and my home was valued at $150,000. I was single and had a job making around $25-$28,000 a year. This past year I filed Ch. 13 bankruptcy for credit card debt, but i continue to make my HELOC payments separate and have no intention of selling/giving up my home. I recently looked at my HELOC documents and notice that it says "loan will mature in 2016 and full balance is due" ?? There's no way I can pay off $120,000 by 2016! When I applied for this loan I thought it would be like a typical mortgage either a 15 or 30 year pay off...not 10 years!! If you ask me, Eloan should have never approved the loan for that amount knowing my income and that I would have to pay it off in 10 years. Do I have any sort of case against them? If not, what should I do..wait til 2016 and refinance?? Thanks in advance for any help!


Asked on 3/21/10, 9:06 pm

1 Answer from Attorneys
Jeff Rosner Rosner Law Firm P.A.

You woud need to refinance at that time but may be difficult to find good loan given your recent bankruptcy. However, you may want to have someone look at your loan documents. Maybe there are violations of NC interest statutes and/or other violations. If so, you could possibly file lawsuit (although could be statute of limitations problems) and file a complaint with the NC commissioner of banks.

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Answered on 3/27/10, 5:36 pm


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