The worst is you can be sued for the amount owed. If a judgment is awarded (which is likely) the creditor has various options for collecting. Most creditors dislike attaching real estate, as it is expensive and lengthy in process. They usually try to have other assets liquidated. Such as stocks, CD's, etd. Or ganishment of wages, bank accounts. Each state has a set of exemptions for BK which also applies to judgments won in lawsuits. What the creditor can do, depends on the laws of the state you reside in.
The first step to move secure debt to unsecure is to get a credit report to see how much unsecure credit you can obtain. Apply for different loans and use the unsecure credit to pay off the secure debt.
A home equity line of credit is a mortgage. If you default the lender will foreclose and take possession of the property by the foreclosure procedure used in your state.
You need to start with a secured credit card if eligible then progress from there. With bad credit you won't be eligible for unsecure ones.
A foreclosure or bankruptcy is never good for your credit, this is something you'd be better off discussing with an attorney. You can avoid foreclosure by filing bankruptcy.
Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.
The first step to move secure debt to unsecure is to get a credit report to see how much unsecure credit you can obtain. Apply for different loans and use the unsecure credit to pay off the secure debt.
unsecure bonds
A home equity line of credit is a mortgage. If you default the lender will foreclose and take possession of the property by the foreclosure procedure used in your state.
It will go bad on your credit report anyay. What you got left does't matter. Creditors want to know how you may, can, did, might do, and do, pay up on their current accounts.
You need to start with a secured credit card if eligible then progress from there. With bad credit you won't be eligible for unsecure ones.
It will be severely damaged for 10 years.
A foreclosure or bankruptcy is never good for your credit, this is something you'd be better off discussing with an attorney. You can avoid foreclosure by filing bankruptcy.
Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.Generally, to remove one person from a mortgage that person must transfer their interest in the mortgaged property to the other and then the remaining sole owner must refinance the property in their sole name. The existing mortgage must be paid off.In your case you ask if you can force a foreclosure to get your name off. Only the lender can foreclose and only in the case of a default, i.e., not paying the mortgage payments. If the lender does foreclose, both your credit records will be equally damaged.
If the "line of credit' is in the form of a mortgage recorded in the land records then the lender can foreclose and take possession of the property. If it's not a mortgage then the creditor can seek a court judgment and if successful can then record a lien against your property. The property can't be mortgaged or sold until the lien is paid. If not paid and if the lien is for a substantial amount the creditor can sieze the property and sell it in most jurisdictions.
It is a loan based upon your signature and good faith, with good credit history, and a job, that you pay back
Who is on the title to the property? and who is the loan name under?
If two people are co-owners of real property and then only one signs a note and mortgage, the lender can only foreclose on that one's interest in the property. A foreclosure would only be reported on that person't credit record.If your name was added to the property after the mortgage was granted by the owner you are not responsible for it as long as you didn't sign the mortgage or the note. The foreclosure would only be reported on the mortgagor's credit record.