Legal Question in Real Estate Law in Colorado
Home Equity Line of Credit Foreclosure?
Can a home equity line of credit that has been written off by the original lender be foreclosed by the collection agency that purchased the ''charge off'' if they don't own the first mortgage?
Asked on 12/28/06, 6:11 pm
1 Answer from Attorneys
Re: Home Equity Line of Credit Foreclosure?
The answer is probably no unless either the collection agency is the assignee of the original mortgage or the agent of the original lender in pursuing the foreclosure.
Answered on 12/28/06, 8:49 pm
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