I have a homeowner whose property will be foreclosed shortly. He has the house since 1986. The house has two home equity loan against it. The total loan amount is about the maket value of the house. I wonder if I can short sale a home equity loan? Or sub2 it? Did anybody do this before?
All I’ve been doing is reading. ONce the homeowner is in foreclousre stage, cannot do a sub2, Bank will not allow it. Only short sale would work. THe Helocs again from my reading would be perfect candidates, you pay the main loan off, and offer both helocs a fraction of what they are worth. You might have to negotizte with both, but I believe you can do it. Anybody else care to commment?