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my second mortgage loan (heloc) with chase is going to their recovery dept.

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laura3 Joined: 27 Apr 2009 Posts: 5 4.86 Dollars($)	Posted: Mon Apr 27, 2009 9:15 pm    Post subject: my second mortgage loan (heloc) with chase is going to their Like 0 Dislike 0 My home is only worth 425k we own 300k 1st loan, 250k 2nd loan. We want to keep our home. My first mortgage with Wells Fargo 300k – is under review for a Loan Modification- ( things look promising on that end) It has a foreclosure date of JUNE 2nd, however the modification looks promising. Every rep I talk to daily tells me that Wells Fargo will modify, and if they need to they will extend the foreclosure date, until a modification is reached. This is my dilemma: My second mortgage with JP Chase ( which is a heloc) 250k was under a proposed verbal modification- , I told them I wanted to wait another week to see what my fist mortgage- Wells Fargo would do- I have been told tonight that this will now be going into the the chase home equity national recovery group . It is out of the loss mitigation departemnt and into recovery. The loan modification offer with Chase ( my second mortgage 250k) is not an option anymore. It is now in the HOME EQUITY RECOVERY GROUP. what does this MEAN??? Will this department file a foreclosure as well? will they sue? will they want a settlement for part of the 250K?? Will recovery negotiate? WIll they also forclose? My home is only worth 425k we own 300k 1st loan, 250k 2nd loan. We want to keep our home. Please help.
jenkin7 Joined: 04 Jun 2007 Posts: 4537 Location: Hawaii 728.43 Dollars($)	Posted: Tue Apr 28, 2009 12:20 am    Post subject: Like 0 Dislike 0 Hi laura, It is most unlikely that your second mortgage holder will foreclose on your property while there is an outstanding first mortgage balance on it. If your house is foreclosed, the primary mortgage will be paid first and then the second. I think they will probably go for a settlement for part of the 250k second mortgage balance. They will not be foreclosing on your home.
blebruce Guest	Posted: Thu Oct 13, 2011 2:28 pm    Post subject: HELOC WITH CHASE Like 0 Dislike 0 I'm in the same situation. Were you able to settle?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu Oct 13, 2011 10:07 pm    Post subject: Like 0 Dislike 0 Hi blebruce! Welcome to forums! I will suggest you to post your situation in details. It will help me as well as other members/experts to give you some suggestions in order to deal with the situation. Sussane

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