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Hi there, I have a quesiton about a home quity line of credit. i took out a HELOC on my property in 2006. Property went into foreclosure in 2007 and was sold by the lender at auction in Feb. 2008. i was given a foregivenss of debt document for tax purposes and I paid the consequences when i did my taxes last year. Recently, my bank account has the line of credit attached to my account. My bank is NOT the lender i took the line of credit out with and i no longer own the property.
What options do i have in regards to my obligation of this past secured debt and moreover, how do i approach my bank about taking it off my bank account? Thank you for any advice you can provide!
This question is best asked to the bank you are dealing with since a lot of banks are different. I would go visit your bank. I know I have a line of credit on my account that has no property or nothing attached to it. Are you sure the property is part of this account? Call and ask..you will rest better knowing 100%.
Hi Jjtrue,
You really need to clarify this with your bank first. Whatever documents you have regarding the line of credit, the debt forgiveness and the auction of the property show it to your bank. Tell them that your debt has already been forgiven and the property has been sold. You can also place the tax documents in support of your case.