Posted by Fred on December 18, 2007 at 15:28:35:
Yes, I was hoping to bail myself out of a hefty mortgage I could never afford by selling my home at a higher price. Now I can't even get hardly anyone to even look at it after more than 100 days on the market. I've been making the I/O payment from my HELOC on the same house so its kind of like trading Equity for Debt. If my combined 1st & 2nd debt on the house climbs much higher I'll be upside down (owe more on the house than what it can sell for)not even counting the closing costs. Should I defend my credit up to the bitter end hoping for a sale or cut my looming loss and try to take the rest of the HELOC to try to pad my sorry future whatever and wherever that may be? Will this HELOC money I take out be pursued to make me pay it back? Can or will my lenders pursue a Deficiency Judgement (I'm in AZ) if the eventual short sale or foreclosure auction proceeds cover only the 1st but not the 2nd? Will this really screw my heretofore good credit? Is there life after this failure? Follow Ups:
