my first short sale

Hi I am Kevin Kauffman and this is my business partner Fred Weaver. We’re Group 46:10, one of the nation’s leading short sale teams. One of the questions we get asked a great deal is, “I have a home equity line of credit and I need to do a short sale. Can you help me because I’ve heard that you can’t do a short sale if you have a HELOC?”

We are here to tell you that that’s not totally true. The first thing to remember is that, yes, it is possible to short sell your property if you have a HELOC. On several of the cases, our team has been able to get a full settlement on those HELOC, meaning that through the short sale process the homeowners didn’t owe any money after the short sale was closed. That is good news because, more specifically, in Arizona if you let your property go into foreclosure you still owe the full amount of money on your home equity line of credit. They could potentially file judgments against you or try to garnish your wages.

Through a short sale and working with our team, many homeowners end up not owing any money. If the lender isn’t willing to forgive the total amount of the HELOC, usually they’re willing to work out a deal with the homeowner. Please give us a call today if you have a HELOC and would like to do a short sale. We’d love to talk with you more, specifically about who your lender is and our experiences with them. Group 46:10 is here to give you assistance and suggestions on how to handle your situation and help you successfully short sell your house.

For more information on short sales and how to avoid foreclosure, visit the Group 46:10 blog or you can also contact the Group 46:10 team and get started today.

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Filed under: Distressed Properties

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