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 fromthe property. However there are two issues here: First, Theequity loan may have a conversion close, where in theevent of a senior foreclosing, it converts to a personalloan. Second, North Carolina allows for deficiency judgments.If the couple truly has no assets to attach, and SSI isthere only income, they are probably OK. But may have todo a BNK 7/13 to clear the potential deficiency judgment. Ifthey have other assents, or income, this is not a wise course.
