If payment on a heloc in Georgia is stopped , can the heloc bank sue the borrower ? Or does the bank have to wait first foreclose ? I am wondering if Georgia has a security first rule which requires a secured lender to first foreclose . I stopped payment on my first and my heloc . But the first has not foreclosed not sure what is taking so long . I'm wondering if the heloc bank can just sue or do they have to first foreclose ? I know some states that this security first rule not sure if GA does .
Construction / Development Lawyer
The second lender can sue on the note or could foreclose but would have to deal with the first mortgage. There are a lot of facts which should be examined because if the foreclosures are not done properly you can avoid a deficiency. Once again I would note that attorneys soliciting people to file bankruptcy is improper. While bankruptcy is an option at times, it should be a last resort after all efforts to deal with debts are explored. The effect of a bankruptcy can scar someones credit for many many years. This forum is not about soliciting business!
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Divorce / Separation Lawyer
Anyone can sue anyone. The question is whether the suing party will win, and attorneys in this forum are not going to be able to tell you whether you will lose a lawsuit. Contact an attorney.
The DiGiulio Law Firm, LLC. Phone: 888-540-4529 Website: www.atl-law.com Atlanta, Marietta, Lawrencevile, Duluth, Alpharetta, Buckhead The above answer is for general information purposes and is offered as a service to the public. Nothing on this or associated pages, documents, comments, answers, reviews or other communications, including the above post, should be taken as legal advice for any individual case or situation or relied upon as a substitute for engaging legal counsel, nor does it constitute advertising or a solicitation. Viewing the general information here, including your receipt or transmission of information hereof does not alone create or constitute an attorney-client relationship or ensure confidentiality. Please contact 770-309-9551 for additional questions or to schedule for your free phone consultation. If this question or answer pertains to bankruptcy, please be advised that we are a federal debt relief agency. One of our areas of practice is to help people file for bankruptcy relief and protection under the U.S. Bankruptcy Code.
Divorce / Separation Lawyer
The 2nd mortgage company can sue you on the note, and that type suit is becoming common. They do not have to wait on a foreclosure. When they get a judgment they can garnishee your wages and bank accounts.
If you have stopped paying on both loans it would be very smart to see a bankruptcy lawyer. You may be able to discharge both debts. Or you may be able to keep paying on the 1st and strip off the second (you can now do this in some Chapter 7s as well as 13s). If you do not have a lawyer, call me at 404-768-3509.
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