I am in Socal and my mortgage is B of A. I recently received a letter in the mail stating that my HELOC has been sold to a collection agency. We are planning on doing a short sell, but I don't want to paythe HELOC, has anyone in my situation been able to get a discharge or had to repay after the short sell is said and done?
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anyone have an answer. What if I decide to not do a short sell and walk away? Am I obligated to still pay the HELOC still? -
Why are you trying to do a short sale? Have you filed bk? Are you thinking about filing a bk?
IMHO the only one who benefits from a short sale (assuming you can actually get one through - good luck) is the realtor who makes a commission.
As to your 2nd, you must get it to agree to release its Deed of Trust, otherwise you will never get a short sale through. If the loan has been sold to a collection agency such will make it that much harder as it is unlikely that the lender also assigned the Deed of Trust since such things usually slip through the cracks.
If you walk away and do not file bk (and assuming the HELOC is a true HELOC and not associated with the original purchase of the home) the lender (or the collector) can sue you under the promissory note you signed. If you file bk it all goes away.
Des.Comment
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Short sale can help keep you in the home longer, and you can find a realtor that can help you with that with a good imagination.Originally posted by despritfreya View Post
However, dumping and filing BK makes so much more sense, especially if you are in a state where they can go after you and if you have lots of unsecured debt you want to dump.Comment
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