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?
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Not sure what you mean Glenn..please calrify.
Thanks,
Glenn Fleisher said:
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.