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What happens when you can not pay your HELOC?

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Connie2 Joined: 28 Sep 2010 Posts: 1 1.00 Dollars($)	Posted: Tue Sep 28, 2010 4:36 pm    Post subject: What happens when you can not pay your HELOC? Like 0 Dislike 0 My husband filed Chp 7 and was discharged in March 2010. I was co-signer on a 100,000 HELOC. Today I received a summons to go to court to pay this. I have not had a paycheck in over a year and my husband has had a reduction in wages. We want to stay in our home and are underwater for the amount of the HELOC + about 20,000. I am in the process of trying to get a loan mod with WaMu now Chase. Any help would be great.
jameshogg Joined: 20 Dec 2005 Posts: 10443 Location: Nevada 984.98 Dollars($)	Posted: Tue Sep 28, 2010 9:03 pm    Post subject: Like 0 Dislike 0 Hi Connie, If you cannot pay the HELOC, there are chances that the second mortgage lender will foreclose the property. He may even assign your account to a collection agency. In my opinion, it would be better if you could negotiate with your second lender and apply for a loan modification which will help you in saving your property. Thanks

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