Question: I can't sell my home but need to leave town for a new job. Can i get a Home equity loan and default on it? If i default on the Home equity loan will I have to pay it off or will the equity in the house I lose to foreclosure cover it? I think I can get a 40,000 HEL. I'll use that money to make a down payment on a new house in my new location. Am I obligated to pay off the HEL or will giving up my old house take care of it. thank you

Answer: Two points for you to ponder:\n\n1) Take out a "bridge" loan so that you can afford a down payment on a new home while your home is on the market.\n\n2) Look into ERA's Seller's Security Plan.  They can either advance you some of your equity or out and out buy your home. (http://www.era.com/erasell/ssp.html)\n\nIf you are coming to or leaving Arizona, drop me a line and I can help you further
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