Re: Elderly couple wants home to be foreclosed

Posted by Nick(Colorado) on April 20, 2005 at 10:46:26:

In Reply to: Elderly couple wants home to be foreclosed posted by Fred Brathe on April 19, 2005 at 08:16:29:

Chad:

If the senior forecloses, the equity loan will detach from
the property. However there are two issues here: First, The
equity loan may have a conversion close, where in the
event of a senior foreclosing, it converts to a personal
loan. Second, North Carolina allows for deficiency judgments.
If the couple truly has no assets to attach, and SSI is
there only income, they are probably OK. But may have to
do a BNK 7/13 to clear the potential deficiency judgment. If
they have other assents, or income, this is not a
wise course.

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Comments:
: Chad:

: If the senior forecloses, the equity loan will detach from
: the property. However there are two issues here: First, The
: equity loan  may have a conversion close, where in the
: event of a senior foreclosing, it converts to a personal
: loan. Second, North Carolina allows for deficiency judgments.
: If the couple truly has no assets to attach, and SSI is
: there only income, they are probably OK. But may have to
: do a BNK 7/13 to clear the potential deficiency judgment. If
: they have other assents, or income, this is not a 
: wise course.


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