WELCOME bparamo10

[nativelasvegan]

We welcome a new member to the forum.
Please do not be shy about posting your story. Some of us have only been around a short time here, while others have been here for over a year.
We are here to help and will share the knowledge and experience we have gained during our nightmare modification process.

We created a petition asking lawmakers to acknowledge us and the failures with the Making Home Affordable Plan. If you will, please take a minute or so to read the petition and should you agree to sign it, we would appreciate it. Please click here to read the petition.PETITION TO THE U.S. GOVERNMENT FROM AMERICAN HOMEOWNERS | Petition2Congress |

This forum is growing daily and with more members, we will be a force to be recognized.

Welcome.

[bparamo10]

Just went through a short sale of my condo in CA. $218,000 on my first with AHM and a $100,000 HELOC with BofA. Original purchase of the condo was in 2005 for $309,000. Sold the condo for $219,000 with BofA receiving $9,000. Moved out into an apartment and life has been great and stress free for about 2 months. Just got a call from BofA wanting to settle the HELOC! They told me the 9K they received was just to lift the lien on the property so it could be sold. They told me they would settle for 30% or I could work out a payment plan! I don't want to get into the fact that my realtor told me I could walk away clear with a short sale. I should have done my own research thats my own fault. I did sign the letter with BofA stating that they could go after me for the rest without reading it. My realtor said sign this and I did.

My question: $88K of the $100K HELOC went to pay off the 2nd mortgage with BofA paying off the 2nd directly to them (I never had control of the 88K). The remaining 12K was used to update the condo. Would this be a non-recourse loan? I'm I really liable for this HELOC? Give it to me straight. Thanks!