I have a first and a HELOC on my home, the 1st agreed to a short sale and now i am working with the HELOC -
I used the total HELOC for a $150k remodel. have receipts for the total remodel. I owe $71k on HELOC and have $150k in paid receipts (i used my life savings also) The HELOC wants full repayment. I am unemployed and have many hardships and can prove them! I did get the first to agree to a short sale no deficency judgement - their loss approx. $60k. Should I try to get the first to share proceeds with the HELOC? Should I go through foreclosure? do I take the promissery note from the HELOC for $71k then declare bankruptcy? Help!
Contact a real estate attorney or CPA who can review the overall file determine your best interest. HELOC loan only secured by lien on the home, if all your statements are true therefore home is short sale or foreclosed payment would need to come from proceeds for sale of the home. OF COURSE they wont release the lien till receive some form of payment. Bank may have to increase short sale amount in order to settle with lender of HELOC.... GOOD LUCK sorry to hear about your circumstance
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Fair Housing and Equal Opportunity