Avoid Foreclosure – Here are Options of Homeowners
There are a ton of homeowners right now struggling to make payments and hoping to avoid foreclosure because let’s face, things just aren’t the same as they were before the market took a dive.
People are working harder and longer for about half or a third of what they use to make. Retirement accounts look about as good as they did when you first started dumping into it. Any savings has been depleted.
And now to make things worse, even if you wanted to sell your home, most homeowners wouldn’t be able to because their home is not worth what they paid for it. Yes, nearly 25% of all homeowners are underwater or upside down, meaning they owe more than what their home is worth. [Read more…] about Avoid Foreclosure With These Homeowner Options
Question: I have a primary mortgage with a balance of $249,000 and a HELOC with a balance of $46,000. My home is only worth approximately $275,000. Proceeds from the sale of my home will satisfy the primary mortgage and only about $20,000 of the HELOC. My question is does the HELOC loan need to be paid in full at closing? Will it impact my ability to close? Can I put the $20K toward the balance of the HELOC and agree to keep paying this loan? I do not want to short sale or foreclose, but I can no longer afford to stay in my home. Thank you.