Q. Hi Carmen, Thank you for your very informative show. I have a question for you. I am a banker and was laid off few days ago. I am also a single mom, fully and financial responsible for my two daughters.
I am upside down in my mortgage by $150,000. If I do a short sale, I can only pay off my first mortgage of $417000 and my second has a balance of $140,000 and it is in a form of home equity line of credit. Am I going to be responsible for my second since it is a HELOC? My lender refuses to provide me with a clear answer.
If I find a job soon I can make my payment with no problem. But I contemplate on keeping my house since I know that I will not recover the real value anytime soon. I also need to keep my credit score as good as it is now if I what to work for a financial institution. This is my dilemma. I appreciate your assistance and feed back. -Anonymous