Chase HELOC charge off.

Guest 0.10 Dollars($)

I live in NY.I called chase not long ago to try and get caught up on my HELOC payments and was informed that my loan was charged off. The person that I spoke to said they are a division off CHASE so I guess it wasn't sold to a collection agency yet. The HELOC amount due is 72,000 and he offered to settle for 40,000. I can't come up with that kind of money right now. I am working on getting caught up with my 1st loan with Indymac that one is 249,000. At what point can chase forclose on my house? Is it worth it for them?

Niicss · Posted: Tue Dec 09, 2008 3:13 am Post subject:

Hi john doe

If Chase has charged off the mortgage, then they will not foreclose on the property. It is the collection agency who will deal with your mortgage now. The collection agency will decide whether they will foreclose the property or not.

Thanks.

Guest 0.10 Dollars($)

I been hearing from many different people that it wouldn't be worth it for them to forclose.The property is only worth 380,000 my 1st mort. is 249,000 and my 2nd is 72,000. still not sure what to do.

jameshogg · Posted: Wed Dec 10, 2008 11:20 pm Post subject:

Hi john doe,

I think you should speak to Chase. If they had charged off your mortgage to a collection agency, then you need to know the details of the collection agency from them. You will have to contact the collection agency and speak to them regarding the charged off mortgage.

Thanks

williamwfergusonjr · Joined: 11 Dec 2008 Posts: 7 4.50 Dollars($)

John Doe:

If you are in default, which means you are not current on your payments, Chase can foreclose at any time. If they are the second mortgage holder, and your house is worth $380k, with only a $249k first, then I am surpised they haven't foreclosed already. If these figures are correct, they could get paid 100% from the proceeds of a foreclosure sale. Therefore, if they will take less than 100 cents on the dollar, TAKE THAT DEAL NOW, just be sure they are going to RELEASE the mortgage at the Register of Deed's Office just like you paid it at 100 cents on the dollar.

All times are GMT - 7 Hours

Page 1 of 1