I have a situation and need an advice.
Couple of years ago i applied for HELOC and in doing so i went further and applied for credit in three different banks. It looked smart at that time. I believe i signed a paper in each bank, that says that this is the only bank i’m applying for credit line or smtng like that.(not really sure what it was). I was approved in all three banks and been using my lines heavily. since i lost my job these credit lines were the only resource i had. now i’m so deep in depts that considering a shortsale or foreclosure or whatever it is to get rid of the house with all these depts. my loan is about 280,000. my dept on my lines is about 450,000. the house value should be around 350,000-400,000… it’s in Los Angeles, CA
My question is: will there be any legal actions against me from the banks, since it sounds like i lied when i got the credit lines? and all three banks have a second lien on the same property.
I’d really appreciate an advice…