Mortgage, And Equity Loan Do Foreclosure, Or Deed In Lieu Of Payment, Which Should I Do?
I have a first mortgage and a equity line, I do not think the house will sell for the total due. If I did back to the first mortgage am I liable for the equity loan. If I wait and let it foreclose which can take 6-8 months. I do not know what to do. I am a single mom(widow) I think the first company will short sale it for their amount and I may be stuck for the equity line. Please if you can help me.
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asked 2 years ago
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If you are foreclosed upon you may still be held responsible for the difference from what the bank is able to sell it for & how much i still owed.&tbsp; and yes you may still be responsible for the equity line.&tbsp; suggestion to save your credit & your mind:&tbsp; offer 1st mortgage holder a deed in lieu of foreclosure...in essence simply give it back.
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