Question Asked...
I had a morgage of 47,000 and line of credit topping 60,000 now i put them together and made it one secured line of credit along with that many other bills I cannot contuine like this my wife currently had to go bankrupt due to her business we dont want to lose our house will they make us sell or take the house any advise would help thanks
Ontario
Posted from: Ontario
This will depend first on the type of line of credit that you have all these debts under. Did you pledge security of your house against this line of credit? I would assume you did as it is unusual to get a line of credit that large without providing security. If you did pledge your house as collateral then the only way to retain your house is to continue to make the payments on the line of credit. I would recommend you locate the line of credit documents and then make an appointment with a local trustee to discuss your options in more detail.