Can i folder collapse on my home equity loan, but not my mortgage loan?
Answers:
can i pilfer of my underwear without taking off my pant?
Husband owns a mortgage co. If you report bankruptcy on a home equity, they could take your house. Don't do it. Good luck.
No, all your debts will hold to be listed.
You need to see a lawyer, but it is my mark that bankruptcy covers your entire financial situation. So be careful as within are many ramifications.
Bankruptcy (7, 11, or 13) will not disturb the legal status of a properly documented mortgage. The only point that a bankruptcy might do is delay (slightly) the forclosure process if you stop paying on your HEL.
they would appropriate your mortgage, house from you. Remember the laws changed last year...collapse is not as easy as it used to be and they can come after you on a number to things they couldnt before. Best to contact an attorney. Save yourself plentifully of grief in the long run.
I doubt it.
No, you do not get to select. They both hold a lien on your home. If you file Chapter 7 and liquidate all your assets and remove all unsecured debt, then your home would own to be sold to pay off the secured creditors for your 1st & 2nd.
If you really want to avoid adjectives that, transfer the home equity to credit cards and file Chapter 11 roughly 91 days later. Source(s): Credit Manager 20+years
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