Equity Loan Information

We took a HELOC when we bought the house. How do I find out if it is a recourse loan?

Our "starter loan" is now considered a "sub-prime loan". We've been attempting a loan modification with Countrywide for over ten months and making no progress. But, our HELOC with HSBC is even worse.

Public Comments

1. There are two big details missing here to give a real accurate answer. First, was teh HELOC taken out as a combo loan to purchase the property? Second, what state are you in. These two facts are key to giving an accurate answer. If the HELOC was used as a combo loan to purchase the property then it is treated as a mortgage with the rights assigned to that. They can initiate foreclosure, etc. this is where the state comes in to play. If you are in a state that allows deficiency judgments then the lender (or lenders) can come after you for any balance due. If your state does not allow deficiency judgments then no one can come after you once for any extra amount of money due after foreclosure. If the HELOC was taken out after you bought the house then it is simply a line of credit. Think of it as a secured credit card. The secured part is your home. This makes it a separate debt from the mortgage and collectible all the time
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