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You took out money from equity line 6 mo ago Now you cannot afford to pay your mortgage loan and equity line of credit you plan to do forecloser What is a Bank's action against you How it can affect y?

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Answer

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Wiki User
10/06/2007

Ok. In this situation the bank is a creditor, and being a creditor they want their money back, or as much of it as possible. So if you plan to let the bank forclose on your house, that means they are going to take the house, kick you out and try to sell it to somebody to recoup their investment. My suggestion to you would be to try and declare bankruptcy so you have a chance to save your home. Bankruptcy protection keeps the creditors off your back, though it does ruin your credit for 7 years.