Couple of quick short sale questions.

[Vanzack]

Hello all.

1. Do I have to be behind on my payments in order for the bank to consider a short sale?
2. If my HELOC is through a different lender than the primary,does it make a short sale nearly impossible?

I drasticly reduced the price of my home in hopes of a short sale two weeks ago,and wondering if I'm wasting my time. Thanks for any help.

[sick of debt]

1. You do need to be behind for the bank to consider a short sale.
2. If you have a 2nd mortgage or HELOC with another company it becomes tricky.

[silvercert]

I will help you, with what little i know because im short selling right now but without the HELOC.

So im with wells fargo an havent been paying for 2 months. House is on the market for 75k less than loan. Filled out there short sale request package and called them yesterday to see if they got it and aske acouple questions. The Guy basically said they will take pretty much any offers, but it still does not stop it from going to foreclosure if it just sits with no offers. I asked abouth the remaining part of the loan and I live in AZ so the remaining part is forgiven but counted as income, and taxes must be paid, but I here the IRS is forgiving that to?

The tricky part for you is your HELOC. They can come after assets for that I do know. they sometimes investigate that see where the money went. Imnot a expert by anymeans. all my info came from the bank.