Loans, Debt & Credit - View Single Post

pennylane · 03-06-2008, 02:29 PM

The first is going to foreclose and as you said in your earlier post, the HELOC loan will follow us around. Our house right now according to Zillow is worth $485, we owe $436K on the first one and $146K on HELOC. GMAC(1st lender) will not even entertain us until it adjusts in June. Yes, we are looking to do a short sale eventhough it's unlikely that GMAC will agree. All I'm really concerned about is the HELOC. Can they really go after your remaining assets or is our last resort to file for BK assuming they won't let us settle?

03-06-2008, 02:29 PM	#7 (permalink)
pennylane Member Join Date: Feb 2008 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Heloc The first is going to foreclose and as you said in your earlier post, the HELOC loan will follow us around. Our house right now according to Zillow is worth $485, we owe $436K on the first one and $146K on HELOC. GMAC(1st lender) will not even entertain us until it adjusts in June. Yes, we are looking to do a short sale eventhough it's unlikely that GMAC will agree. All I'm really concerned about is the HELOC. Can they really go after your remaining assets or is our last resort to file for BK assuming they won't let us settle?