Posted on: 07th Jul, 2009 11:18 am
I have a HELOC on a rental house that I sold 3 years ago. When I sold the property the title company failed to notify the bank of the change in title. I owe $100,000 on the HELOC and no longer hold title to the property! The Line is frozen by the bank due to declining real estate values, but the bank is unaware I no longer hold title. Can I negotiate a "short sale" with the bank? Might the bank make a deal with me?
Did you receive proceeds from this sale? The bank may work with you, but that is an issue if the title company failed to notify the bank.
Hi GJP,
You have mentioned that 3 years back you've already sold the property to someone else. In that case, you'll not be able to negotiate for a short sale again with your lender. However, you can inform the lender about the change in title of the property.
You have mentioned that 3 years back you've already sold the property to someone else. In that case, you'll not be able to negotiate for a short sale again with your lender. However, you can inform the lender about the change in title of the property.
