Heloc

[kat10]

Originally Posted by mantri2003

Hi ***,
Question- I have refinanced my house in 2006 at 7.25% for fixed 15 years. Does it cosidered as HELOC? What will happen If I stop the payement in order to process for loan modification?

Hope it's alright if I jump in....refinance is not the same as a HELOC. The refinance was probably for your main mortgage on the home. A HELOC is a seperate loan which usually is used to pull equity ($$) out of the house. HELOC--Home Equity Line of Credit. My suggestion is to call your lender ASAP and let them know what your situation is and let them know you are struggling and need a modification. I don't believe being behind is a requirement any longer on fixed mortgages. Pick up the phone..don't be afraid!
They may give you an answer you want to hear!!!!
I wish you well through this process.....

[tomser]

Originally Posted by Moe Bedard

You will have to look at your loan documents to see what type of loan you have.............and also the Deed of Trust for that loan will tell you the what method the lender will use if you do not pay the second lien under the section called Acceleration Remedies.

hello Moe
i have question

I have same lender first and Heloc and try to loan md. if they say ok md then do they do md first and same time md on Heloc too( reduce interest).??

thanks
tomser

[Moe Bedard]

Hi Tomser.

Yes.

[tomser]

Originally Posted by needhelp-GA

Hello,
I hope you are still viewing and participating in this Thread. I quoted the Message above, because I have exactly the same question, except that my 1st and HELOC are not the same lender.

The timing question for negotiating the HELOC is very important to me also. Hope you can answer it.

Thank you.

I am so confused that according to the HAMP program,the HELCO will be lowered interest rate or some of its pricipals forgiven along with 1st loan modified ( in the case of HELICO considered as second morgage ) may be i am missing

[tomser]

I refinanced cash out and after that same time set up HELCO with the same primary house with the same lender. how differences refinanced cash out and HELICO.

what if I request loan md---what hapens the HELICO( the HAMP program help the HeLICO rate lowere or pricipal reduction or foregiven ??)
what if I foreclosure--- the HElCOand refinanced cash out deficiency judgement and following me around ??
what if ---short sales or walk away or file the bankrupcy then what happend the HElCO and refinanced cash out , chasing me with deficiency judgement.

home value 680k(zillow) loan 550k and HElCO 300K ( same lender)

what kind of chances I have. Which choice is the bether than other one if loan md is rejected.

I also have 2 renta houes ( upside down)with refinanced cash out with the same lender . Then what happens if the above sam situation( forclosure,or short sale or walk away and or bankrupcy) as investment property. the refi cash out any deficiency judgement chasing me aroud --only choice with bankrupcy ???

I appreciate any comment on these situations

best wishes
tomser