credit bylaws article III section 5

Not open for further replies.


New Member
"Hi am a home owner just making my mortgage payments. I fell way behind on my equity line then recived a letter from wescom credit union saying ( credit union bylaws article III section 5 states that the board of dirsctors may expel a member for cause. as a result of your bankruptcy,

therefore, pursuant to the powers vested in the board of directors your account with the credit union has been closed. you are no longer a member in good standing with the credit union . you are no longer eligible to use the union service.

now they are calling me telling me that they will push to foreclose on me..

Whats really going on please

It means they are going to bring legal action against you.
I suggest you contact an attorney.
Don't know your whole story, don't tell me.
It seems they will try to foreclose their note, effectively taking your home.
Don't wait, don't delay, talk to a few lawyers.
There are certain remedies Yiu have, they vary from state to state. Get thee to a California attorney!!!!
You may be protected by your BK. contact your BK lawyer, ASAP!!!
so is there any way to reduce the amount I ow so I can make payments

Possibly, but not by legal action. I suggest you negotiate with the lender. It's probably too late, but you've got nothing to lose by asking. I suggest you discuss this with your lawyer.

Why not just move to a place you can afford? When this starts to happen (drowning in debt), unless you hit the lottery, inherit a fortune, things rarely get better. Sometimes you just have to start over. That's what bankruptcy is about.
Not open for further replies.