Are HELOC extinguishments selected at random?

[bye bye heloc]

Any advise?

I just completed my Chase/Fannie Hamp Mod and went perm on 6/1. I am moving out and moving tenants in on 8/1(probably not relevant). New first balance of 307,000, Zillow value of 314,000 and a Chase of 200K that I would like to settle or even better extinguish. I have not made a payment since 10/2010.

I did file Chapter 7, solo, after my divorce and did not reafirm. My ex remains on the loan, however she deeded off at the conclusion of our divorce(probably not relevant).

I guess my question is, do I call Chase and see if extingueshment is a possibilty, hold tight, or do I work on a stradigy to settle? I have not heard a peep, since the mod completion and I had thought that 2nd TD lenders needed to address the 2nd after a succesful Hamp mod?

What do you think?? THANKS!!!

[Evan Bedard]

I guess my question is, do I call Chase and see if extingueshment is a possibilty, hold tight, or do I work on a stradigy to settle? I have not heard a peep, since the mod completion and I had thought that 2nd TD lenders needed to address the 2nd after a succesful Hamp mod?

Personally I would just follow the strategy and wait until the lender contacts you in regards to a settlement or full extinguishment of the loan through the 2mp program. Another member just the other day had their 2nd extinguished a couple months after receiving a permanent HAMP on their first and they also haven't made a payment on that loan in almost 3 years..

[TomEason]

bye bye heloc

Thanks for your post.

Evan gives you good advice in his post.

Were it me, I'd strive to eventually settle the Chase 2nd, as full exinguishment 2MPs are pretty rare.

If you were lucky enough to be offered one, you would indeed be fortunate. However, I recommend you not count on it, or even think about that remote possibility.

If I were you, I'd let sleeping dogs lie. After all, you've been able to skate on paying that 2nd for almost two years now.

And you might never have a compelling need to settle!

[bye bye heloc]

Thanks Evan and Tom,

Eventually I would like to move back into the property, settle and put the 2nd behind me. Do you see any pitfalls with my scenario, or does it appear relitively routine for a settlement down the line?

Thanks!!

[TomEason]

Thanks Evan and Tom,

Eventually I would like to move back into the property, settle and put the 2nd behind me. Do you see any pitfalls with my scenario, or does it appear relitively routine for a settlement down the line?

Thanks!!

The only thing I might remind you to do is mail your 2nd lender a letter authorizing them to contact you for the purpose of settling. You might consult the last section of the strategy guide for bankruptees.

Other than that, your situation and prognosis for settling is strictly routine.

Good luck!

[bye bye heloc]

The only thing I might remind you to do is mail your 2nd lender a letter authorizing them to contact you for the purpose of settling. You might consult the last section of the strategy guide for bankruptees.

Other than that, your situation and prognosis for settling is strictly routine.

Good luck!

Thanks, After over three months on my permenent mod, I havnt heard anything from Chase.

I was under the impression that within 90 days of my completed HAMP mod, I would be approached for a loan mod on my 2nd or extinguishment. Neither has happened.

I am only interested in extinguishment or settlement down the line. I did file chapter 7, without reafirming and was trying to find out where to send an authorization, to open up dialogue?

My loan was charged off over a year ago and Chase has transferd servicing to Five lakes Agency, I'm assuming a collection agency? I have called the recovery department and extinguishment department of Chase and they can't find any info on my loan, they only direct me to Five Lakes. I called Five Lakes and they told me that if I was interested in settling, they would forward the offer to Chase.

Who do i send the authorization to, Five lakes, Chase Recovery, Chase Extinguishment Dept. or all three and do you have address's for the different departments of Chase.

I really appritiate the help!!

[TomEason]

bye bye heloc

Thanks for your post.

I recommend you completely forget about modifying your 2nd (2MP or otherwise). Why? Because a settlement is always a better deal for the borrower (unless the 2nd lender were to offer a full extinguishment, a rare occurrence).

I recommend you follow the guide at post #1 of the following thread. Good luck!

Strategy for Settling Your 2nd

[bye bye heloc]

bye bye heloc

Thanks for your post.

I recommend you completely forget about modifying your 2nd (2MP or otherwise). Why? Because a settlement is always a better deal for the borrower (unless the 2nd lender were to offer a full extinguishment, a rare occurrence).

I recommend you follow the guide at post #1 of the following thread. Good luck!

Strategy for Settling Your 2nd

Thanks Tom,

Does anyone know what department of Chase I should send the authorization to contact me or should I just send it to Five Lakes?

Thanks again!!

[TomEason]

bye bye heloc

Thanks for your follow-up.

I recommend you send it to both outfits. Good luck.

[bye bye heloc]

bye bye heloc

Thanks for your follow-up.

I recommend you send it to both outfits. Good luck.

Good Morning Everyone,

I received a Fed-X package yesterday from Chase for full extinguishment of my HELOC. They are simply asking me to sign the Dodd-Frank Cert and fax or mail back. My only question is, the document states " If all borrowers on the account do not sign and return the enclosed certification, this loan will not be eligable for a HAMP extinguishment". With the HAMP mod on the 1st TD, I only needed to provide a copy of the quit claim deed, deeding my ex off the property and she never had to sign a thing. Will I need to locate her and have her sign the cert or does the HAMP 2mp truly work in tandem with the 1st and her signature wont be necessary? Has anyone had any experience with this on an extiguishment?

Thanks for all you help!!

[TomEason]

bye bye heloc

Thanks for your question. While I'm not certain what the correct answer is, if it were me I'd simply sign and return the Dodd-Frank with only your signature. I would hope that if that's not sufficient, they'd notify you. But I think you'll be fine.

Good luck on getting that full extingusihment!

[bye bye heloc]

bye bye heloc

Thanks for your question. While I'm not certain what the correct answer is, if it were me I'd simply sign and return the Dodd-Frank with only your signature. I would hope that if that's not sufficient, they'd notify you. But I think you'll be fine.

Good luck on getting that full extingusihment!

Thanks Tom,

I called the number provided for Chase Fulfillment Services and they instructed me to send a copy of the Deed and stated I should be fine as well.

Thanks for all your help and to everyone else that has posted on their loan mod and settlement. Loansafe has been a very reliable resource for me over the past couple of years!

I'll update when I receive the release...Thanks again!!