Re: Short Sale or foreclosure with a HELOC in VA
Posted by steele in minnesota on December 28, 2008 at 07:01:31:
In Reply to: Short Sale or foreclosure with a HELOC in VA posted by Jae on December 26, 2008 at 08:53:18:
In regards to a short sale, understand that both loans must be in agreement with the settlement/division on funds or you don't have a short sale. You would know up front if your second was cooperating.
In a shortsale an important clause with all loan payoffs is that the settlement amount takes care of your obligation in full. When that happens they can't come after you.
Now something that we are seeing is a secondary lien requiring some kind of note and additional payback in the future. But if that is the case you know exactly what you are getting into and can agree or not before doing the shortsale.
If you go through foreclosure it appears that judgements are possible in VA. In that case it would be a matter of whether the lender(s) thought it was worth pursuing.
Steele
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