Answer

At this point, you need to hold off a bit since the new bail out bill was just signed and it provides significant assistance for those who are upsidedown in mortgages to get the loans redone to make them more affordable. At this point, you should also go to legal aid to see if they have a consumer protection attorney to assist you with all of the new programs and to review your loan documents to determine if there is some relief there.

Also, if you do the DIL, that would only get you out from under the first mortgage, but you would still be liable under the HELOC with the different company.

Generally the time from beginning of foreclosure to completion and you moving out is 6 months or more.

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Edited by PaulmoJD on 2/19/2009 at 3:43 PM