Asked by Sparki_d, Scottsdale, AZ • Sat Jan 22, 2011
I used both loans to purchase the home and never took an additional draw on the HELOC other than for the original purchase. I have read that if the loans were used for purchase money then the mortgage holders cant come after me since the foreclosure has satisfied the lien. However, my confusion lies with the fact that the 2nd is actually a HELOC. Does that change things? I cant get anyone at Bank of America to give me a straight answer.
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