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I have a heloc that I have not paid in 19 months. My first is current. I have not heard from the mortgage company for the heloc and it has not been charged off. What can I do in this case? I would like to reduce this amount or somehow get rid of it. I wanted to do a short sale but I have been told that my first may not approve it. What are my options, anyone?

mm

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

You need to approach your first and discuss this

Every bank has different respose based on individual siaution

There is no right/wrong answer for this

JKennedySLG · Posted: Tue Aug 11, 2009 9:42 pm Post subject:

Make the phone calls to both lenders to discuss your options and see where you stand. Your first mortgage holder may not approve of the short sale if the equity is still there and you have not showed any distress. I hope this helps...

smithsussane · Posted: Tue Aug 11, 2009 11:29 pm Post subject:

Hi mags!

Welcome to forums!

You need to contact your second lender and check out if you can get a repayment plan. As the debt has not been charged off yet, there is a chance that you can negotiate with your lender and get a payment plan. As far as reducing the amount is concerned, it would be the lender's discretion whether or not he would do so.

Feel free to ask if you've further queries.

Sussane

Guest

Let's say that the heloc company sells the loan can the collection company foreclose on my house. I owe $190,00 on my first and 202,000 on my heloc. My equity is around $270,000. Would the 2nd be able to foreclose on my house?
Also, if it is charged off, would I be safe from foreclosure?

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