Arizona Luxury Homes

Luxury Homes in Arizona

Ahwatukee Listing Agent

February 27, 2010 by admin

HELOC Presents A Dilemma In Short Sales

Hey there, Steve Horn with shortsalesdoneeasy, Tempe short sale realtor. I just got done with a terrific buyer seminar over the weekend. We taught numerous people how to take advantage of the market by purchasing a short sale or foreclosure.

The theme that I would like to discuss with you today comes from an actual listing meeting a few days ago. These patrons have a first with EMC and a second with Chase. The second is really a home equity line of credit. The customers were wondering if Chase can take cash from their savings or checking account to fulfill the HELOC. In most instances, the bank can take money from your savings or checking account to fulfill deficiencies with your HELOC or mortgage.

We have seen this take place before with other patrons. When you choose to short sell your house, the lender has the right to take funds from your checking or savings account if you start missing payments. This can only transpire if your mortgage is with the same lender as your checking or savings account. Additionally, a home equity line of credit with the same lender as your checking and savings account can trigger the same problem.

There are many ways to overcome the challenges of a HELOC, if it were me, I would open a different savings and checking account with a different lender. We can reconcile HELOCs. It can be done prior to the short sale or after the short sale depending on the bank.

As short sales continue to intensify, the banks will continue to take money from your savings and checking accounts to help them alleviate their loss.

Thanks for checking out our website. Continue viewing our video blogs and ask for our short sale survival guide to answer some of the questions you may have. Contact us today if you have additional questions. I’m a Phoenix short sale agent.

Arizona Steve Horn Team can answer your questions. We are Arizona’s Foreclosure Avoidance and Short Sale Specialists.

Get more help from short sale Realtor, Steve Horn, at Homes by the Horn presented by the Steve Horn Team, Short Sale Specialists of Arizona

Short Sales Ahwatukee – Short Sale Process – http://ShortSalesDoneEasy.com

Author: admin

Meet Shanna; wife, mother, grandmother, REALTOR extraordinaire, rainmaker, and Team Leader. Shanna has worked as a personal assistant, a microwave cooking instructor, and she owned and operated Shanna Day Tax Service for 7 years, where she prepared 350 annual individual and partnership tax returns for her own client base. Obtaining her Real Estate license in October of 2008 was a natural transition for someone like Shanna, with her naturally outgoing and friendly personality. Since 2009, when she joined Keller Williams Realty, she has risen to the top 2% of the 43,000 agents in the Arizona Realtor Multiple Listing Service. Shanna is currently in the top 5% of all Keller Williams Agents in the southwest states, and was #11 in Keller Williams Realty International in 2009. Shanna is currently working on being in the top 1% of agents nationwide in internet marketing and top 1% of the agents internationally with the Resort 2nd, 3rd & 4th Vacation Home Designation. Her interest in building lasting referral relationships is key to her continued success.

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