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line of credit settlement

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rakhlaghi Joined: 14 Nov 2009 Posts: 1 1.30 Dollars($)	Posted: Sat Nov 14, 2009 6:15 pm    Post subject: line of credit settlement Like 0 Dislike 0 I owe $150,000 line of credit with Chase(wamu previously)on my home, value of my house dropped to about $500,000. my 1st is $465,000 with IndyMac. me and my wife lost our jobs, and have minimal income now with only me working. the question is how can i get Chase to settle with me on my line of credit? they already are aware of my sitution. how should I approch them so they work with me?
smithsussane Joined: 18 Sep 2008 Posts: 10030 Location: Alaska 919.49 Dollars($)	Posted: Sun Nov 15, 2009 10:15 pm    Post subject: Like 0 Dislike 0 Hi rakhlaghi! Welcome to forums! I would suggest you to write a hardship letter to the lender and inform him about your situation once again. You can apply for a loan modification in the same letter. The lender will judge your financial situation based on your letter and would let you know whether or not he would consider your request. Feel free to ask if you've further queries. Sussane

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