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Will/can the Bank of a second mortgage (heloc) come after me for the money?

Asked over 3 years ago - Sacramento, CA

I have a first and second loan that I haven't paid on in 6 months. I have a buyer for a Short Sale, and we are working through that right now. The second loan is a Heloc with BofA. Regardless if I end in a short sale or foreclosure, what are the chances that BofA can/will come after me for teh second? What are my options?

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Attorney answers (1)

Gabriel Cheong

Reputation Level 15

Answered over 3 years ago. Divorce / Separation Lawyer in Quincy, MA.

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Note that I am not licensed to practice in your state.

You need to get your second loan to sign off on the short sale. If they don't, then you will still owe them despite the fact that you no longer own the property.

I would suggest getting an attorney to negotiate the short sale to make sure that your bases are covered and they won't come after you later.

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