Zillow Advice: Buying Process - Short Sale with an equity loan http://www.zillow.com/advice-thread/Short-Sale-with-an-equity-loan/520622/ Zillow Advice | Zillow Real Estate The sellers agent need to ... http://www.zillow.com/advice-thread/Short-Sale-with-an-equity-loan/520622/ The sellers agent need to negotiate the amount between the equity loan company and the first mortgage to see how much the first mortgage will offer.Some of it might need to be added to the price to make it work or if seller is willing to bring money to the table to make it work . but in most short sales the seller is cash poor.So you need to see what the First mortgage is willing to pay to the equity company and try to get them to accept that. if the home goes to foreclosure they will get nothing! Wed, 04 Dec 2013 13:44:00 GMT http://www.zillow.com/advice-thread/Short-Sale-with-an-equity-loan/520622/ 2013-12-04T13:44:00Z Nothing fishy as in shady. ... http://www.zillow.com/advice-thread/Short-Sale-with-an-equity-loan/520622/ Nothing fishy as in shady. &nbsp;It's the HELOC trying to get more money, which is their obligation to do. :( &nbsp;<br/><br/>There's little you can do as the buyer in this. &nbsp;It's between the seller, 1st and HELOC.&nbsp; Tue, 03 Dec 2013 18:14:00 GMT http://www.zillow.com/advice-thread/Short-Sale-with-an-equity-loan/520622/ 2013-12-03T18:14:00Z The seller will not receive ... http://www.zillow.com/advice-thread/Short-Sale-with-an-equity-loan/520622/ The seller will not receive a short sale approval from the first mortgage unless an agreement is reached with the HELOC...period. Tue, 03 Dec 2013 18:11:00 GMT http://www.zillow.com/advice-thread/Short-Sale-with-an-equity-loan/520622/ 2013-12-03T18:11:00Z Sure, they will go after ... http://www.zillow.com/advice-thread/Short-Sale-with-an-equity-loan/520622/ Sure, they will go after the seller, however, I doubt they will release the lien previous to settling with the seller...pretty much a deal killer, since your title will not be fully "cleared" of previous liens.<br/>If you are purchasing with a mortgage, I doubt the new lender will close without clear title. Plus, when the seller's first is paid off, the present second trust moves to first place, and must agree to subordinate for the new lender....which sounds like they may not do. In any event, I agree with the advice to keep negotiating with the second lien holder.<br/><br/>Best wishes for a smooth closing! Jim Tue, 03 Dec 2013 15:41:00 GMT http://www.zillow.com/advice-thread/Short-Sale-with-an-equity-loan/520622/ 2013-12-03T15:41:00Z the HELOC is already getting ... http://www.zillow.com/advice-thread/Short-Sale-with-an-equity-loan/520622/ the HELOC is already getting 7500. this deal has been done for a month and now a week away from closing the owner comes back and says they want 7500 more? Something is fishy here. I told the seller and his Realtor that they need to figure it out so we can close or the primary lienholder can foreclose (which they already tried to do last month) Tue, 03 Dec 2013 00:50:00 GMT http://www.zillow.com/advice-thread/Short-Sale-with-an-equity-loan/520622/ 2013-12-03T00:50:00Z Yep.The HELOC follows the ... http://www.zillow.com/advice-thread/Short-Sale-with-an-equity-loan/520622/ Yep.<br/><br/>The HELOC follows the seller. Tue, 03 Dec 2013 00:26:00 GMT http://www.zillow.com/advice-thread/Short-Sale-with-an-equity-loan/520622/ 2013-12-03T00:26:00Z HELOC lender will not release ... http://www.zillow.com/advice-thread/Short-Sale-with-an-equity-loan/520622/ HELOC lender will not release their lien without payment so there is no deal.&nbsp; Typically they get $3,000 from the first as payoff and should the that, but lately, 2nd lienholders are holding out for more money on short-sales.&nbsp; They risk the fact that if the home is foreclosed on, they get $0.&nbsp; <br/><br/>Keep negotiating with the HELOC.&nbsp; The seller's agent or whoever is negotiating on the sellers behalf needs to get the HELOC lender back to the negotiation table.<br/><br/>See if you can get the 1st. lienholder to pony up more money for the&nbsp;2nd.<br/><br/>Short-sales are a moving target.&nbsp; You never know what the final number is until all of the liens are negotiated.<br/><br/>Good luck. Unfortunately this is where a lot of transactions fail.&nbsp; Tue, 03 Dec 2013 00:24:00 GMT http://www.zillow.com/advice-thread/Short-Sale-with-an-equity-loan/520622/ 2013-12-03T00:24:00Z