NC HELOC Debt Settlement

[KComeau]

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)?

[StephenH]

I would contact an attorney to represent you. You may want to see if they will negotiate a payment plan of some type with you. If they sue you, they may or may not be able to get a garnishment depending on which state your employers pays from, according to this site: [url]http://www.nclabor.com/wh/fact%20sheets/garnishments.htm[/url] . They may also try to levy bank accounts, though and put a lien on things you own like cars and other property. If there is no way to pay this, you may need to talk to a BK attorney about bankruptcy.

[KComeau]

We do not have any money at all, maybe 1000.00 we do not have jobs to garnish any wages. We are living off apartment building that we own through a TIC. They are suffering as well and we are barely getting by. They will negotiate but I wanted to know ......

which state laws do I follow. NC(where we live) NY (were the house short saled) or Ohio (where the bank is).

are there websites you could direct me to regarding HELOC settlement laws in that state?

thanks for your reply,
Kristin

[ecmst12]

The most important laws as far as remedies for them suing and enforcing the judgement are those where you live.