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SHORT SALE WITH 1ST AND HELOC

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fforyou Joined: 02 Apr 2011 Posts: 1 1.26 Dollars($)	Posted: Sat Apr 02, 2011 10:59 pm    Post subject: SHORT SALE WITH 1ST AND HELOC Like 0 Dislike 0 I have my first mortgage and second(HELOC) thru CAHSE. I'm planning to short sale my condo instead of walking away and letting it foreclose. If Chase agree to a short sale, will that agreement include both 1st and my HELOC?
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Sun Apr 03, 2011 8:58 pm    Post subject: Like 0 Dislike 0 Hi fforyou, There are chances that the first mortgage will be included in your short sale whereas the lender will charge off the second mortgage. However, after the short sale, you will be liable for paying off the deficient balance resulting from the short sale of the property. Thanks

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