My 1st (ING) has an auction date set for 2/24 (10 months of short sale failures later). I am trying to figure out if I am going to have a deficiency judgement on my second and if they will be able to come after me.
Purchased house on 100% loan 80/20 in 2004 for 493K. in 2006 we refied both, and turned the second into a larger HELOC to pay off some CCs. In 2007, we refied again and paid down the 2nd back down to about 490K. Our 2nd was sold to BoA/countrywide in 2009.
Because of the refinancing and that original heloc, will this be a recourse loan? Or will our paying the 2nd back down to it's original value fix that?
Thanks!
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