Loan Modification Forum - LoanSafe.org - View Single Post

spica825 · 07-28-2008, 05:31 PM

Dear Indymacfighter. I have a HELOC question. I posted it under "good numbers for Chase." My friend had a HELOC with Chase and sold the house that it was secured by. The sale paid off the HELOC with Chase. However, it was never closed. She still received statements showing amount available was still the $100K. She is in another home and has used that HELOC after she had called Chase explaining that she no longer owns that home. They said in no uncertain terms "ok." She is now struggling with her current mortgages in which she already has a 1st and a 2nd, trying to work out a loan modification. My question is what is that loan secured with? What would be the reprocussions of defaulting on that loan?

07-28-2008, 05:31 PM	#20 (permalink)
spica825 Member Join Date: Jun 2008 Posts: 17 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Heloc Dear Indymacfighter. I have a HELOC question. I posted it under "good numbers for Chase." My friend had a HELOC with Chase and sold the house that it was secured by. The sale paid off the HELOC with Chase. However, it was never closed. She still received statements showing amount available was still the $100K. She is in another home and has used that HELOC after she had called Chase explaining that she no longer owns that home. They said in no uncertain terms "ok." She is now struggling with her current mortgages in which she already has a 1st and a 2nd, trying to work out a loan modification. My question is what is that loan secured with? What would be the reprocussions of defaulting on that loan?