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Old 04-29-2009, 08:12 PM
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NC HELOC debt settlement

What is the name of your state (only U.S. law)? North Carolina

Hello,
OK....We short saled our home in NY. the second mortgage, National City, released our mortgage (we did get it in writing) for $3500.00. At the time of the sale we were told that they would hold a unsecured note against us for the remaining balance, $200K. Recently, we were contacted by an attorney, in Ohio, who stated that he wanted to negotiate on behalf of National City. We sent him the information he requested (tax returns, bank statements, and hardship letter) He then emailed back stating....."Thank you for the information. Please advise as to any proposed settlement that you
would like National City Bank to consider in light of your circumstances. Please advise as to your settlement position within seven days. Absent a settlement, I will forward this file to a North Carolina attorney to pursue any legal remedies that may be available in that state."

My question is this...What or where can I find what legal remedies are available in NC? What will happen if we can't settle (we literally have no money)? Are we subject to NC laws (where we live), OH laws (were National City is) or NY laws (where the house was)?

Thank you so much,
Kristin

What is the name of your state (only U.S. law)?What is the name of your state (only U.S. law)?
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