Is it possible to short/modify a heloc in 1st position?
Hi all! I have a deal that I am working on, and am strongly considering contracting it as a sub2 to wholesale. It is a probate property, and the mortgage is paid off (great, right?!) Only thing is, the owner took out a 75,000 heloc to make repairs, spent maybe 20,000 of it on the actual repairs, and still owes most of it. My cash offer would have only been in the 45,000-50,000 range because of needed repairs that I know of so far. So my question is, how do I get that heloc out of the way? I would have to do it sub2 if I can't, I think. Is it possible with it being in the 1st position to short it (since the owner is 2 months behind) or modify it in some way to make a cash offer in that range work? Thanks! :cool: