Faxed my Letter of Debt Settlement to Chase explaining my hardship and requesting to settle for 6% of my 60k HELOC balance. They informed me that in order to have documents considered I would need to fax them my financials as well as "proof of payment" (which funds will be borrowed from a relative). I have no cash reserves, however, she mentioned that I can forward a bank statement proof of the relative showing that amount. Yeah Right! 1.) I take it this too is not necessary? Having read the Strategic thread for Settlment, I sent NO financial information. I know now to keep my mouth closed as to my plans as well. Having read many of the threads I am preparing myself for the battle as I don't know what will happen. I know that I want to keep my home, yet can't afford further payments. This month is the first missed payment, though past several months they have been delinquent (several days after each grace period) even using my cc. It has been a struggle (medical issues).
Now within the late payment grace period (10days which normally 15 days considered delinquent), Chase has sent me a UPS letter telewire informing me that they have not recieved my payment. This lets me know that they did recieve the fax, yet no contact yet. I can wait.
My question is that I have another lien on my property for construction work done and expires next year. That lien states I cannot sell the property, etc. or I would have to pay them 30K back. 2.) Will this lien or the one with Chase affect one another? 3.) Am I wise with my timing to file settlment with Chase while this lien remains on, will it hinder foreclosure or any adverse action they may try if they decline my settlement and I continue making no payments? I am in Michigan and my house is truly underwater. It is now worth the amount I am offering.
Is there any other information that I need to be aware of?
Do I continue to wait till they contact me, I remember the "Settlement winner Cubanmale" mentioned that Chase settled with him by the next month, though I plan to await the % I can afford.