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The Professor · 04-10-2009, 06:34 AM

The first loan isn't your problem. Actually it is hard to say whether it is purchase money (given the fact that it was likely a "takeout" loan following the completion of construction. But that doesn't matter because your lender will likely resort to non-judicial foreclosure as a remedy on it. Your problem is that "HELOC of 250K". From what I am reading it isn't purchase money and something you may end up owing after you no longer own the home.

Daniel

04-10-2009, 06:34 AM	#6 (permalink)
The Professor Senior Member Join Date: Jul 2008 Location: 49er Gold Country Posts: 1,542 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: short sale or forclosure in arizona The first loan isn't your problem. Actually it is hard to say whether it is purchase money (given the fact that it was likely a "takeout" loan following the completion of construction. But that doesn't matter because your lender will likely resort to non-judicial foreclosure as a remedy on it. Your problem is that "HELOC of 250K". From what I am reading it isn't purchase money and something you may end up owing after you no longer own the home. Daniel