Upcoming Foreclosures

I am thinking of letting my house go into foreclosure, I live in Michigan?

and I have a home equity line of credit also (2nd mortgage). What will happen to the equity line of credit. Will they come after me for that? Will I still need to make my payments? Or does anybody know where I can find information on foreclosure in my state?

Public Comments

1. Typically, they won't come after you but I do believe they can pursue a judgment against you if they wanted to. You may want to call them and see if they would be willing to settle the debt for less. They have probably already sold that debt for pennies on the dollar and the new investor might be willing to let you walk from that debt for a lot less than you owe on it. Good luck!
2. The foreclosure rescue plan was just announced today, you might qualify. This tells where to get more information: http://www.ehow.com/how_4825296_qualify-foreclosure-rescue-plan.html
3. Keep in mind that choosing to let your home go into foreclosure, may be considered fraud down the road. I suggest you explore all of your options. Credit Counseling and Housing Counseling is provided by at least these three sites. http://www.nfcc.org/ http://www.hud.gov/local/index.cfm?state=mi on right hand column http://www.michigan.gov/mshda/0,1607,7-141-45866_47905-177801--,00.html Or, a foreclosure attorney may be a choice Or, a "short sale" may be a choice. All of these sources will have options, and yes, as mentioned there are additional programs in the works and one was initiated March 4th. You may or may not qualify for any of these programs. I wish you well.