Home equity loans can be difficult to negotiate when you are working a short sale to stop foreclosure. Most home equity lines are taken out after the purchase of a property and used for everything from home improvements, paying off debt to taking vacations. Lenders tend to look as these loans as personal loans.
Many times the lenders on these properties are not willing to accept the $1000-$3000 that the first mortgage company is willing to pay for the release of their lien. In these cases the homeowner should be prepared to make some amount of cash contribution, or sign a promissory note for the release of the home equity lien on the property.
An experienced short sale specialist will be able to negotiate the best outcome possible. Contact Short Sale Colorado today to discuss your situation.
Posted by JBowman | Posted in Uncategorized