I heard that the HELOC loans are generally not negot...


#1

I heard that the HELOC loans are generally not negotiating when it comes to short sales. I don’t think this makes sense, but is this true, or true with certain lenders (wamu etc.)?

If so, it would follow the properties with HELOCs are most likely to go to sale and not get cancelled/postponed. What has your experience been?


#2

Be sure to check out our Short Sale Report for data on specific lenders here: http://www.foreclosuretruth.com/shortsale
My impression is that HELOCS generally don’t foreclose, preferring instead to let the 1st mortgage foreclose. This generally leaves them free to pursue the homeowner for the money, even though their security interest in the property was wiped out (which was already the case anyway).


#3

That report is great information.? Any info/feedback on Wachovia or Wamu?