My eqty line of credit (golden 1) was part of Chpt. 7 discharge. G1 tells me they will foreclose if not paid, balance is 24500 what should i do?
Question Details: I filed a Chapter 7 and it is officially discharged. The discharge included a 24500 equity line of credit (VISA) through the Golden One Credit Union. I called them yesterday and they told me they will foreclose on me if I do not continue to pay. What is the likelyhood of they doing this? I own 200,000 on my home and then the line of credit at 25000, and a comparable home next sold for 239,000 (foreclosure home).
Bankruptcy Law Answers
See you don't get something for nothing. Those loans were secured by your home. Basically, the loan may be discharged but the note is not, so they have a right to foreclose and take their property unless you re-affirm the debt and pay the mortgage. Kind of defeats bankruptcy, doesn't it?
Try www.attorneypages.com to talk to bankruptcy attorneys or real estate counsel. You can check his or her record at www.calbar.ca.gov under attorney search.
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