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Heloc Settle Questions

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Sfogreg Joined: 21 Mar 2011 Posts: 1 1.29 Dollars($)	Posted: Mon Mar 21, 2011 11:33 am    Post subject: Heloc Settle Questions Like 0 Dislike 0 Hello I have a 1st in California for 300k and a Heloc for 120k. The house is worth 200. I am trying to work with the heloc bank to settle. If I am able to agree on an amount what do I need to make sure that I get in writing from them before I send them money? Also, what is the best scenario for my credit in writing from the bank? Thanks for your help Jay
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Mar 21, 2011 7:58 pm    Post subject: Like 0 Dislike 0 Hi Sfogreg! Welcome to forums! You should contact your lender and ask them to give the settlement plan in writing to you. If the lender has agreed to the settlement plan, he will give it to you in writing. You can request the lender to update the status of the account as "paid in full" in your credit report. This will be good for your credit score. Feel free to ask if you've further queries. Sussane

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