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Guest

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

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.

Guest

I have a 182k HELOC w/chase mortgage in CA (non-recourse state) used for purchase of the home in conjunction with the first mortgage.....chase called several times a while back offered to take 30% of amt to consider as paid-off. i offered $3,000 (all i could spare).they refused. made threats. suggested tapping the 401k etc...blah blah blah but i knew in CA if they initiated foreclosure, they'd get nothing as house is under water etc..i also told them if they did, i'd initiate bankruptcy -chapter 7 and house wld be tied up for months and they'd get nothing.....found out today loan has been charged off! YEA! i don't think whoever colletion agency is will be able to have a lien on the title ...but don't know for sure. ...hold your ground. and also be careful when considering some replies to this forum and others as i suspect collection agents/banks are writing in urging you to ante-up....they also seem to be trying to smoke out people trying to do "strategic foreclosures" and are in position to pay, versus those who can't. either way, these banks are taking big writeoffs. they won't sell the mortgages to the homeowners for the same pennies on the dollar they are to collection agencies, yet they are taking huge writeoffs for their "losses"...they get money for 1% or so at the Federal Reserve till....they took TARP and were supposed to help homeowners with it, instead they returned it because they couldn't pay execs more than $500k a yr if they had $ outstanding...i don't feel sorry for them one bit

I am attempting to modify the first loan, which is one of few not FHA/FMC/Fan.Mae backed -- meaning first won't foreclose as easily because they won't collect Fed insurance.

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Chase HELOC charge off.