SS on HELOC

Foreclosures, Short Sales, Tax Foreclosures
1

Hey All,

Got another call yesterday. Looks like the homeowner has a 160K HELOC that he defaulted on.

Can you SS a HELOC just like a regular mortgage? If not, what are the differences?

Thanks all for your help!

V/R

Joshua

2

Sure you can. It’s just like any other mortgage.

I suppose you would want some comfort that the homeowner can not make additional advances on the HELOC, however. If it’s maxed out, though, that would not be an issue. If it’s in default, it has likely been frozen.