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This is my first post here and hopefully someone can help. I have a 1st mortgage of 329K and a 2nd (HELOC) of 84K. My house is currently only valued at 395K. What options would I have if I wanted to sell my house to relocate for better employment. I am clearly going to come up short on my HELOC. Thank you
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You have to do a short sale. Then you either pay the difference out of pocket, or ask the bank to finance the difference. Make sure the bank will cover the difference before the sale, otherwise they will come after whatever assets you have. What you need to do is find out the max difference the bank will cover, then put the house on the market for as close to that as you can. Don't give the house away, but put it about 10% less than the comps in your area. This lowers your carrying costs of your mortgage payment each month while your in a different area.
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