Short Sale on a HELOC

I just met with a client that has a 75% loss of income. He needs to sell and is still making his payments on time. He owes $137k on the first and has a HELOC for $157k. The house is worth $200k so the first would not be a short sale, it would be the 2nd only...right?

Both loans are with Chase, has anybody experienced a scenario like this one? I would have to negotiate the HELOC for approximately $40k as a payoff.

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Permalink Reply by Wendy Rulnick on August 10, 2011 at 12:14pm

Phil - Correct, only the second will be a short sale. It will help that the sale will generate so much toward the junior lien!

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Permalink Reply by Phil Sotelo on August 11, 2011 at 5:27am

Thanks Wendy!

Wendy Rulnick said:

Phil - Correct, only the second will be a short sale. It will help that the sale will generate so much toward the junior lien!

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