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    BROOKLYNBABE779's Avatar
    BROOKLYNBABE779 Posts: 3, Reputation: 1
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    #1

    Aug 15, 2013, 09:08 PM
    Is there home equity loan forgiveness?
    Is there home equity loan forgiveness filed chapter 7 but they say home equity banker can forclose?
    joypulv's Avatar
    joypulv Posts: 21,591, Reputation: 2941
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    #2

    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's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #3

    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's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #4

    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's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #5

    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).
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