I have a client that will be short on their second.  Has expressed a desire to protect their finances and continue paying the note (or have it rolled into a new note) but does not have cash to pay it off in full with sale of home.  My client called Capital One to ask if this is possible and was told no they had to do a short sale.

Now when I call in to follow up, Capital One 360 (formerly Ing Direct) is not giving me any straight answers.  I keep getting bounced around from number to number.  Most of the time they cannot even find the account for the HELOC.  After an hour on the phone I finally found somebody who knew how to access it.

He kept telling me they should do a short sale...  But had no answers as to if they could continue paying on the note / roll it over / etc.

Does anybody have any experience with Capital One in this capacity.  I understand something has to be done so they can release the lien on the property for the second but a short sale seems a little dire especially when they have somebody wanting to work with them not to go that route.  

Are they able to roll over a second into a new note, or perhaps secure it to another property?  Do you know of anybody with answers there?

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Thanks, that's about what they are telling us.  They want an offer before they will say much of anything.

We went down the road of setting up the short sale a little over a month prior to this.  They stopped on the UBA form / asset disclosure.

Will they still request this form even if my client is willing to carry a note with the remaining balance?

If client is well off financially why not have them take out a personal line of credit to pay the difference or take out a loan on something else?



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