HELOC Charge off 1 month after Short Sale. What to do?

Credit and mortgage advice Forums Home Mortgage HELOC Charge off 1 month after Short Sale. What to do?

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    • #251419
      Anonymous
      Inactive

      Hello,
      *
      I’m not sure if this is the correct place to put this, but I’m in need of a bit of advice.
      *
      I completed a short sale on my home over a month ago.* At the time of settlement, the 1st and 2nd mortgages were almost 5 months in default (I stopped paying in January).
      *
      I received a letter in the mail yesterday telling me my 2nd loan (the HELOC) has been charged off and the entire balance is due.* I live in a non-recourse state and I don’t really understand what’s going on.
      *
      Could anyone give me some advice on what to do? I don’t understand why this happened since I completed the short sale.* How will this affect my credit score beyond the short sale?



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