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View Full Version : Is there home equity loan forgiveness?


BROOKLYNBABE779
Aug 15, 2013, 09:08 PM
Is there home equity loan forgiveness filed chapter 7 but they say home equity banker can forclose?

joypulv
Aug 16, 2013, 04:07 AM
When did you take out the loan and when did you file Ch 7?
('Forgiveness?' You don't just borrow money and then apply for a loophole.)

AK lawyer
Aug 16, 2013, 06:37 AM
In general, a home equity loan lender is secured by a mortgage.

So, yes, you probably can be discharged from the debt, but the lender can foreclose on the home.

Fr_Chuck
Aug 16, 2013, 08:42 AM
It is a secured debt, as such, they have a right to the property that secures it.

AK lawyer
Aug 16, 2013, 08:45 AM
On the other hand, they cannot foreclose until the bankruptcy is over (or they obtain relief from the automatic stay).