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.
Answer: – I hear this all the time and I do have a solution. [Read more…] about Home Underwater – Owe More Than Home Is Worth – Can’t Stay In Home – Don’t Want To Foreclose