Colli Real Estate

CA plans to foreclosure and I have a Wells Fargo HELOC?

I have to foreclose on my house due to a loss of income. I have a 2nd mortgage as a facility for Wells Fargo. Some have said that this loan is no different from a mortgage 2 for a conventional Mortgage enforcement and others say it's like a credit card that sticks with me even after a foreclosure as a credit card unsecured would. Does anyone know what happens legally in California with a HELOC after foreclosure and what someone Experience shows that Wells Fargo behaves differently from other lenders in this scenario?

A HELOC is like a loan automobile is a loan application. When the house was excluded, you still owe money for the HELOC. Refinancing loans are often the call. When the lender closes the gap on their loan application will not be forgiven, and you have no tax on the amount remitted on a principal residence by the law of debt relief, 2007. However, if you pardon the HELOC, you are presented 1099-C form stating the amount that was canceled and must be reported as income when you file your tax return (an exception will be May if you can demonstrate that the HELOC was used for home improvements). Therefore, it is almost as bad to have a HELOC forgiven for continuing to be an unpaid debt.

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