Equity Home Loans

short sale and 2 loans (1st and the home equity)?

i got 2 homes and each got 2 loans (1st and the home line of equity). the townhome needs repair yet i can't really afford replacing the carpet. the other home is 1bed condo (luxury style with a gate) yet who wants a place like that nowadays... i'm to pass my grace period to ask 4 banks about 'short sale'. will home line of equity loan let me go with short sale? will they put my mortg. on 'hold' so i don't have to pay for how long? what if i can't have the property sold after how many months allowed? will i still owe the months i was on 'hold' to not pay awhile? any risk i should be aware...? real estate market is putting me in agony.....

Public Comments

1. Ellie, You're in a particularly tough situation. Do you own a property in Florida? Doesn't matter. First thing I would do is look over your contract under the "Default and Remedies" section. That is going to tell you what the bank's response to your non-payment is. Next thing I would do is call me at 828658-8903 and discuss what your options are. Maybe we can delay payment by refiancing and buy you some time to use the property. Let me know. Frank