Can I Short Sale My HELOC?

March 1st, 2012 by Jarad

Question:  I may need to short sale my home in Washington DC. My second is a line of credit of $80K. Is it possible that that lender approve a short sale, or will they automatically not, just because it is a line of credit and not a regular mortgage loan?

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2 Responses to “Can I Short Sale My HELOC?”

  1. Jarad Says:

    Yes, you can “work out” something with your lender. A short sale is usually done when you have a buyer come in and offer the bank less than what that home is worth and then you have to move out. If you want to sell the home, than that would be an option. However, a better alternative might be to Settle Your 2nd Mortgage. This is where you would negotiate a full payoff or settlement of your 2nd mortgage. It’s a lot different from a short sale because you get to stay in your home and it doesn’t affect your credit like a short sale would. Hope this helps.

  2. Sue Says:

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