US Bank Heloc

With all the bad posts regarding US bank Helocs I am relucant to take on a short sale listing even though we will probably be able to net $60,000 towards a $180,000 US Bank heloc...Seller does not want to sign a defieciency note.

Has anyone been successful in overcoming the note requirement?

Views: 182

▶ Reply to This

Replies to This Discussion

Permalink Reply by Glenn Fleisher on April 7, 2011 at 2:37pm
Lien yes / note is just not going to happen...
Permalink Reply by Nate Gerard on April 7, 2011 at 3:29pm

I had a US bank first that was almost covered and a US bank HELOC second for $100K. We got the HELOC to be satisfied with $10K, however I feel that was due to the fact that they had turnhed it over to a collections agency. How far behind is the seller on payments?

 

BTW, of the $10K the first paid $3K so that left my seller borrowing from family to satisfy the other $7K. He was satisfied with 7 cents on the dollar and since he had used the HELOC to improve his home he wasn't subject to phantom tax. It worked out well.

Permalink Reply by Scott L. Williams on April 11, 2011 at 5:40am

Not sure what you mean Glenn..please calrify.

Thanks,

Glenn Fleisher said:

Lien yes / note is just not going to happen...

RSS

Members

© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************