Former EMC HELOC charged off by Chase Included In Bankruptcy

[stpetetigger]

Long story short... I had a HELOC with EMC Mortgage when I went through a bankruptcy in 2007. Although I had attempted to reaffirm the debt, it was included in the bankruptcy. I am in Oklahoma, so that doesn't mean the debt just goes away. Anyway, fast forward.. I made payments over the next few years.. stopped making them mid-last year. I have found out that in November 2011, Chase (who got all the loans from EMC) charged off the HELOC. I put my house on the market in April 2012, which is when I found out it had been charged off and allegedly sold (to I'm assuming a debt collector). I was told I should get a letter in the mail in the next few weeks that would let me know who I needed to work with over the debt. Since then, my house is now starting the foreclosure process and I am still attempting to sell it. As of today, NO letter has arrived. Chase said they don't own it anymore since it was charged off. They can't tell me who does own the debt either. If I sell, I can't get the lien off the house, as I have NO idea who to even talk to. I owe $76000 on my first and $75000 on my second. House is worth roughly $140000. Help! Anyone else have similar experiences or advise? I have spoken to Chase Recovery (doesn't own it now since it was formerly EMC), Real Time Resolutions (who has no record of my home or me), 20 different depts in Chase and even Professional Recovery Services who also doesn't have my account. Help!

[Evan Bedard]

Since then, my house is now starting the foreclosure process and I am still attempting to sell it. As of today, NO letter has arrived. Chase said they don't own it anymore since it was charged off. They can't tell me who does own the debt either. If I sell, I can't get the lien off the house, as I have NO idea who to even talk to. I owe $76000 on my first and $75000 on my second. House is worth roughly $140000. Help! Anyone else have similar experiences or advise? I have spoken to Chase Recovery (doesn't own it now since it was formerly EMC), Real Time Resolutions (who has no record of my home or me), 20 different depts in Chase and even Professional Recovery Services who also doesn't have my account. Help!

Welcome and thanks for joining the forum.

This is just ridiculous and someone at Chase should definitely be able to tell you which firm is currently handling your account. I would use the contacts below to see if any of them can tell you who your account has been transferred to.

Jamie Dimon Chairman & Ceo
Phone: 212-270-1111
Fax : 212-270-1121
E-Mail Address: jamie.dimon@jpmchase.com

Executive Team:
executive.office@chase.com

Penney Davis, Executive Resolution Team
904-462-2287
alsebre.davis@chase.com


Ali Khansa
Litigation, Escalations and Executive Support, Imminent Default Team
JP Morgan chase
8880 Freedom Crossing Trail
Jacksonville, FL 32256
800-894-6995 x 4623229
(f) 469-549-5716
(e) ali.khansa@chase.com

[bgriff]

If you are current on the first, I'm assuming the 2nd is FCing? The NOD should tell you who is FCing.

[stpetetigger]

Thanks for the reply. I am supposed to be closing on the house Friday since I have a buyer.. I will find out today if there is still a lien on the property by Chase who adamently says they don't have the loan anymore, but can't tell me who does. I did talk to the Short Sale dept at Chase who says that they probably have NO clue what to do as the bankruptcy happened before them. It was charged off and now it is just floating in limbo. She did think that it might just disappear, but no clue if it will. She also advised that it would probably float around the company as no one knows how to deal with it. Someone said it was sold, but I'm not sure it was as it has been allegedly 4 months since it was sold and was charged off 10 months ago and I have never received any word from anyone regarding any of this. I will try some of the numbers in your list and hope someone can get me the release for Friday. I am not current on my first. THey are the ones starting the foreclosure process.

[bgriff]

Speak with R/E attorney who can tell you how to remove the 2nd lien if no one at Chase will claim they own it. There are ways to remove liens if the lien holder can not be contacted.

[Evan Bedard]

Bgriff has sound advice, and due to the bankruptcy this may be the reason why the collection agency never contacted you once the account was charged off and this is why nothing is showing up in chase's systems when they search your account..

[stpetetigger]

OK. I contacted the CEO's office and spoke with a wonderful woman in the executive office who escalated it by trying to work out a settlement. She called every time she promised which was nice. She called yesterday though to say that it was true it had been sold to RealTime Resolutions, but for some reason the paperwork was never transferred. They couldn't touch it since they hadn't "owned" the debt since April of this year (when I first started calling and no one knew who it belonged to). Now, I will be dealing with RTR. I need advise as I need this taken care of ASAP. Closing was supposed to have been last week, buyers got early occupancy so they wouldn't be homeless, and I need this settled so I can get it closed and lien released. What would you advise me doing in this case? I owe $75000. It is a HELOC. 1st is in Foreclosure (process started) and I would be able to pay 1st off in full with the sale of the house. I just couldn't pay all on the 2nd. I would prefer this to be fast, which I know might not work in my favor. What do you all recommend? What is the negative side of providing financials? We have no money in savings, live paycheck to paycheck and have been in the hole several times lately. The house is legally only in my name, but our taxes and bank acct are in both of our names. I appreciate all advice!!

[Evan Bedard]

Now, I will be dealing with RTR. I need advise as I need this taken care of ASAP. Closing was supposed to have been last week, buyers got early occupancy so they wouldn't be homeless, and I need this settled so I can get it closed and lien released. What would you advise me doing in this case? I owe $75000. It is a HELOC. 1st is in Foreclosure (process started) and I would be able to pay 1st off in full with the sale of the house. I just couldn't pay all on the 2nd. I would prefer this to be fast, which I know might not work in my favor. What do you all recommend? What is the negative side of providing financials? We have no money in savings, live paycheck to paycheck and have been in the hole several times lately. The house is legally only in my name, but our taxes and bank acct are in both of our names.

Who approved the early move in if the 2nd mortgage hasn't yet agreed to the short sale?

[stpetetigger]

It isn't a Short Sale. Here are the specs.

House is worth about $160000

First owe $78000
HELOC owe $75000

Was a 50/50 refinance in 2005.

Filed Bankruptcy in 2008. Reaffirmed 1st, but 2nd never reaffirmed although I did keep paying until mid-last year(I'm in a recourse state though).


First (BOA) started Foreclosure process a few months ago.

HELOC charged off by Chase in November 2011. Allegedly transferred in April 2012 to RTR, but is just now in that process.

Listed house for sale in April.

Got an offer I accepted for $157,500. So, enough to take care of 1st out of foreclosure. After realtor fees though, there isn't enough for 2nd to get full amount and it is with RTR now.

I signed off on the early occupancy since I have a contract and am just waiting to settle the HELOC. Just wanted advice on the quickest, "smartest" way to negotiate without time on my hands.