I'm seriously considering stopping payments on my Greentree HELOC. If I send a Cease and Desist letter, will this prevent them from showing up at the property? We do not live in the home, but we do have tenants in there & I would prefer that a Greentree rep not speak to them!
Also, what does it mean that the HELOC should be "underwater" before I consider stopping payments? We owe $17,600 on the first and $30,100 on the HELOC with Greentree. The market value of the property is approx. $42,000.
I'm giving myself a greedy "bump"! Could anyone offer any advice on the questions above? Any help would be greatly appreciated!
Underwater means you owe more than your home is worth basically.You take the value of the home and subtract the first mortgage because they are in first position to be paid. What is left is available to the heloc. So your heloc is underwater some but not by a lot. If the heloc filed foreclosure they would have to pay off the first mortgage first then they would get what was left.
Thank you for the info! What is the best way to find the value of your home? The approx. value I gave is what it most likely would sell for (based on our real estate agent's estimate). But I saw on our county parcel locator that the estimated value was $22,400, which included both the home a lot.
Has anyone had any experiences with Green Tree Servicing? I'm hearing that they're nearly impossible to deal with. I guess I'm just trying to gauge whether or not they'll FC on the HELOC in my situation. It's a rental property now, so I suppose I really don't care it they do. I live in PA, so they can't garnish my wages with any type of judgement.
I'm planning on following the directions in the "how to settle a second" thread. As of June 15th, I'll be 2 payments past due. I'll wait for the charge-off and then for them to initiate settlement negotiations. Does this sound like the best course of action or is there something really big I'm missing in my case? I suppose the fact that the second is not underwater by a lot lessens my leverage, but I'll fight it. This house and all of the expenses associated w/ it are sinking us fast!
Maybe you should post your numbers in the settling a second thread and they can tell you if it is possible to settle your second since its not under water much. You can try zillow.com to get a rough estimate of your homes worth but it is typically higher than reality.
Thank you, I will do that! Thanks for all your help!
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