secured line of credit and foreclousre

October 14th, 2008 by Questions

I have a secured line of credit with Scotiabank something odd was happening and I thought that there were unauthrized withdrawals. Scotiabank has now proceeded with foreclousre action. What happens next or how can I negociate repayment without paying back the full amount?

Posted from: Ontario

Questions

One Response to “secured line of credit and foreclousre”



, A licensed trustee said:

If the bank has secured the line of credit against your house and they have started foreclosure action then it is too late to offer to settle for anything less than the amount of money the bank will get from the sale of the house. If there is enough equity in the hosue to repay the bank in full then that’s what you will have to do to stop them right now.

Since you’ve said they’ve already started to foreclose I think you should use the links on this page to find a trustee near you and give them a call – time is running out and you need to speak to someone in person about your options.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)