Ana wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.
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“Dear Steve,
Had my 2 homes foreclosed. One was already foreclosed and the second will be finalized on March 26th. I have equity line of credit loan’s and cosidering filing for bankcruptcy because I’ve heard that the bank’s will probably sue me for the amount’s owed on these loans. Help!!!
Ana”
The Answer:
Dear Ana,
The banks will attempt to come after you for the balance owed on the properties after the foreclosure sale.
Many people do decide to go bankrupt in that situation in order to deal with the big debts that can’t be paid.
I would suggest that you find a local bankruptcy attorney or click here for a free bankruptcy consultation. Get a game plan in place now for what you are going to do when the big bills come.
