Posted on: 17th Jan, 2009 09:39 pm
I have a HELOC and can not continue to make my mortagage payments, equity on my house has gone down drastically, Do I qualify dor a deed in lieu and what happens with my HELOC?
Hey cabbogirl,
If you are already delinquent on your payments, then you will be qualifying for a deed in lieu. You will have to write a hardship letter to the lender and apply for it. It will depend upon the lender whether he will accept it or not.
As far as the HELOC is concerned, I think, it is a second loan. Though the first lender does a deed in lieu, you will still be liable for the HELOC.
If you are already delinquent on your payments, then you will be qualifying for a deed in lieu. You will have to write a hardship letter to the lender and apply for it. It will depend upon the lender whether he will accept it or not.
As far as the HELOC is concerned, I think, it is a second loan. Though the first lender does a deed in lieu, you will still be liable for the HELOC.