Home arrow Mortgage Forums arrow Loan Talk for First Time Home Buyers arrow

heloc settlment

Author Message
Icon Mini Profile vegasterbear





Joined: 19 Mar 2010

Posts: 1

1.38 Dollars($)
Post Posted: Fri Mar 19, 2010 5:46 pm    Post subject: heloc settlment
Like 0
Dislike 0

HI, I AM UPSIDE DOWN LIKE THE REST OF THE WORLD RIGHT NOW ON MY RENTAL HOME. I AM CURRENT ON MORAGE AND THE HELOC. I AM UPSIDE DOWN THE FULL AMOUNT OF THE HELOC ABOUT 56,000 AND OWE ABOUT 122,000 ON THE FIRST, AND THAT IS ABOUT WHAT IT IS WORTH. I WAS WONDERING HOW TO GET THE BANK TO SETTLE ON THE HELOC? I know this is possible but don't know how to go about it. My credit is very good but it dos not make much since to continue paying on something that will never be worth what i am paying. I am a tipped employee and there are no longer no more no doc loans so i can not even refinance. I really do not want to let the home go. but i keep pazying about 220,00 a month that is just interst on the heloc. I have renters in there that cover the morage. But not the heloc.
Icon Mini Profile Niicss
Niicss




Joined: 03 Oct 2005

Posts: 4770
Location: New Jersey
499.28 Dollars($)
Post Posted: Mon Mar 22, 2010 3:38 am    Post subject:
Like 0
Dislike 0

You will have to contact your lender and check out if they can reduce your HELOC payments. If the lender does not help you and if you do not want to continue the payments, then you will have to let the property go. You can apply for a deed in lieu of foreclosure with your first lender. This will help you in getting rid of the home but you will have to satisfy the debts of the second lender.
_________________
Good is the Enemy of Great.
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights
Bookmark this page
Share |

Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (265)








Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.140 seconds.