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My husband and I have a first mortgage on our home- debt is $100K. The home is worth, on the market NOW, about $350.
Problem is, we took a line of credit to open a business for $410K, liening on the then value of the house. Business failed. We can't afford to pay the line. w
We hired someone to negotiate the second loan down but he says it can't be negotiated because it's a line of credit, not a mortgage. Lender is B of A. Do you know anything about this?

Thanks for any help or insight.

jameshogg · Posted: Sun Jan 03, 2010 8:18 pm Post subject:

Hi A. H.,

I would suggest you to negotiate with your lender directly. You can contact the lender and inform him about your hardship. You may even write a hardship letter in this regard. The lender will judge your situation and let you know whether or not he would settle your loan.

Thanks

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Possible to settle a line of credit?