I have a seller who needs to sell his home...He can pay off the 1st and maybe a little towards the 2nd in the sale but not all of it.
He wants to pay off the HELOC and not default or Short Sale it. Do you know if BofA (servicing the 2nd-not sure who the investor is) will release the lien on the house to get a sale done but then secure it as another form of debt....perhaps a line of credit or personal note?
Who would we call to discuss this and see if it is at all possible? I know it is hard to get to someone without even starting the process but this will determine how my sellers proceed.
Anything you can offer us would be great.
Thank you!!
Elise Fay
Tags:
I have a meeting with a customer later this week in the same situation. It sounds like something the lenders should want to do - knowing what the 2nd is likely to make in the case of a short sale, I can imagine they would allow some kind of agreement as an alternative. I'm interested to see what other people think.
Alex Krumm
Re/Max Alliance Group
Sarasota, FL
Broker Associate
GRI, Certified Distressed Property Expert
941-954-5454 Office
951-234-3597 Direct
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