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How long will my HELOC stay on my credit and am I still liable to the debt after SOL for CA?

Moreno Valley, CA |

Hello and TIA for your time. I have a foreclosure that took place in late 2007. It was charged off and now is being reported as a revolving credit. Both the first and this HELOC were NOT for the purchase of the home, but for a refi/cash-out. The HELOC was originally owed by IndyMac and then transferred to OneWest at the time of acquisition. If it helps, the original loan was for $468,000 with the Line of credit at $58,500 where then the house was resold for $340,000. I have yet to get any type of communication from them and am a little reluctant to make a phone call to them for fear of "opening a can of worms." Again, thanks for you time and any help will be greatly appreciated.

Attorney Answers 2


The direct answer is, you're not liable for anything after the SOL has run out for it.

It's definitely possible that this goes away and you never hear about it. It's also possible that once they realize there is this deficiency (when the economy gets better), they write it off and you get a 1099C.

Depending on your situation, a bankruptcy may help you.

The above is general legal and business analysis. It is not "legal advise" but analysis, and different lawyers may analyse this matter differently, especially if there are additional facts not reflected in the question. I am not your attorney until retained by a written retainer agreement signed by both of us. I am only licensed in California. See also terms and conditions item 9, incorporated as if it was reprinted here. Please visit my web site: for more information about my services.

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The information will stay on your credit for 7 years. The passing of the Statue of Limiation does not mean that you are no longer owe the debt. It does however prevent the creditor from prevailing in a lawsuit against you because statute of limitation would be your affirmative defense.

I am not YOUR lawyer. Don't rely on answers to questions as legal advice. For legal advice contact a Bankruptcy Attorney for a consultation. Tokarska Law Center is a Federal Debt Relief Agency representing individuals and businesses in filing for bankrutpcy protection under the U.S. Bankrutpcy Code. Kathryn U. Tokarska is a San Diego Bankruptcy Attorney, owner of Tokarska Law Center, 185 West F Street #100, San Diego, CA 92101, (619) 285-1992

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