Hi all - I really appreciate the valuable advice and support that goes on in this forum.
My situation -
Calif primary residence -
first 465,000 non recourse
second WF 150 recourse
House valued at $400,000
I am currently in the beginning stages of foreclosure on the first, but will be out of the house before it finalizes as we are relocating to Canada.
WF had just charged off the heloc and has been silent for the few weeks since.
I know Tom's advice is to ignore and the odds of a lawsuit are slim, (especially being out of the country or so I suppose) and that is the plan for now.
Although, If I could settle for 10% or so I would just to have peace of mind, but their last offer was 40% before charge off.
If I am sued, I read about answering the suit. Under these circumstances what kind of defense would I mount. Besides WF lowering my limit without reason a few years ago, I can't think of any other breach.
Any thoughts or input is greatly appreciated. Very stressful time and it's good to surround yourself with a supportive community.