Short sale with HELOC

[cynbkrpt]

I am in no position to buy currently, but my father is thinking of bailing out a friend who has to relocate and owes more than the house can sell for and is in foreclosure. I would love to "own" my own home instead of going through rental drama again..so...what do you think about this:

The house could probably sell for about 180000-185000. The total owed on the house is 175000 on the 1st mort & 35000 HELOC both to the same bank for a total of around 210,000.

I would love to have my father offer 80 percent of the first mortgage amount. But that would leave it at 140,000 out of 210,000 or 67 percent of the total amount owed.

It's with Indymac...if that helps.

[justbroke]

I am in no position to buy currently, but my father is thinking of bailing out a friend who has to relocate and owes more than the house can sell for and is in foreclosure. I would love to "own" my own home instead of going through rental drama again..so...what do you think about this:

The house could probably sell for about 180000-185000. The total owed on the house is 175000 on the 1st mort & 35000 HELOC both to the same bank for a total of around 210,000.

I would love to have my father offer 80 percent of the first mortgage amount. But that would leave it at 140,000 out of 210,000 or 67 percent of the total amount owed.

It's with Indymac...if that helps.

The only thing that matters, is if IndyMac or whoever would approve the short sale. Since both the 1st and 2nd (HELOC) are with the same Bank, that helps.