Legal Question in Real Estate Law in California
1st foreclosed 2nd wants $100k
My first foreclosed,the 2nd was heloc, and now colection agency says I owe them $100k. I live in California. What do I do now, I can't pay $100k (don't have the Money), Is it time for BK? Help
3 Answers from Attorneys
Re: 1st foreclosed 2nd wants $100k
Our CA attorney is helping many people right now in your situation. Contact him directly.
Re: 1st foreclosed 2nd wants $100k
The lender has 4 years from the date of the breach of the promissory note to sue you for the money. They may sue you, they may not. Bankruptcy is a possibility for your, but you need to see a local bankruptcy attorney to discuss all the options.
Re: 1st foreclosed 2nd wants $100k
I suggest a 30-minute free consultation with a bankruptcy attorney in your area, to have a discussion weighing the pros and cons which may depend upon whether you have any credit worth preserving, other assets you might lose, whether your income would allow a Ch. 13, and other technical factors. It's a major decision; your age and income are factors to consider.
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