Sale date was today, am I out of options? Help!


Posted by Steve on June 20, 2007 at 12:03:44:

My house went up for auction today and was sold for $270,000. I was attempting to work something out with the lender and things fell through the last minute and they proceeded with the auction. There is a 2nd HELOC for $125,000 and the property has been appraised for $499,000 (Zillow.com estimates it to be $521,000 for what thats worth).

I live in Colorado and there is a 75 day redemption period, I realize keeping the house at this point is not an option but I hate to walk away from the equity. The market here is slow so I am doubtful the house would sell in that time frame, at this point I would be happy to walk away with anything, so I'm curious about a few things.

1. If I were to try to sell at a low price is it feasible at all that the 2nd would take a lower amount than the $125,000 considering they will not get anything if I just walk.

2. Is it worth my time at all to try to sell to investors given the above numbers?

Is there ANY other options at all??


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