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Old 05-18-2007, 05:26 PM
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Join Date: Jun 2006
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Possible foreclosure - please help!


What is the name of your state? GA
Okay, this is kind of long, so please bear with me. I bought a house with my mother 5 years ago in GA. We then got a home equity line of credit on the house about 3 years ago. I moved to the west coast about a year ago, and right after I left, my mother stopped paying her credit card bills. She continued to make the mortgage payments though. Well, now she has decided that she doesn't want to do that anymore, and I can't pay the mortgage. So we looked into selling, and we can probably break even between the first mortgage and home equity, but we found out that her credit card companies have gotten judgements against the house. There's no way we can get enough for the house to cover the mortgages plus her credit card debt.
I am getting a lot of conflicting information about how this can affect a possible sale of the house. I've been told that the cc companies can block the sale of the house if there isn't enough equity to cover the debt, and I've also been told that they can't block the sale since their judgement only applies whatever profit my mother makes (which there won't be any...) I've also been told that if I get her off the title with a quick claim deed that I will be able to sell the house without dealing with the cc judgements. If I can't sell this house, then I am going to have to foreclose....which will ruin my credit and put me on the hook for just about the entire home equity line of credit. So any help is HUGELY appreciated.What is the name of your state?
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