| Re: CW/BofA Settling HELOCs and 2nds????
Quote:
Originally Posted by seijimo  P.S. In case you can help further, my situation is:
Home Value $280,000 - $300,000
1st mtg (5/1 ARM with one year left before adjusting) is $200,000.
HELOC is $100,000.
So not sure if CW/BofA will want to settle for only $0.10 on the dollar, but I can try to use the same language I used in my credit card settlement and hope that it'll work here too. | There is plenty of value to thier claim with your quoted ballances. They most likely will not deal rather foreclose instead, so don't go past due on your bill.
My sich,
Value+ 180,000-220,000
1st Ballance= 316,000
2nd Ballance= 93,000
I guess I will wait for the next phone call from thier collections and make them an offer. I would think they would me happy with mabe 5%.
2% on a home loan, WOW. I may just wait until its been a year and make another offer to my first. They gave me an interest only for 5 year deal and I went for it.
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John, Upside down big time.
1st modified again=USBank, 3% for 5yrs, 4.95 cap for the life of the loan(no principle write down but a stable solution)
2nd(heloc)=BofA offered three month trial at 1/3 the payment. We'll see. |