Getting a loan mod with hugh heloc debt.

[acesfull]

Hi All

Need to hear from folks that had successful loan mods and carried other debt secured by the property. A good example is a heloc. More to the point I am needing a mod with citibank, but have a hugh 70k heloc. Anyone know if having this debt will hurt my chances of getting my home loan modified?
Should I request that Wachovia modify the heloc?
I am gathering all this info for a friend/coworker. I am working to get him a loan mod so that he could save his home and keep his family together. Thanks for your replys and advise.

Acesfull/ success story mod with AHMSI.
If I could do it anyone can do it. Thanks and God Bless.

[LHarveyMadman]

I have a HELOC, and it did not play a role in my modification. Mine is also large, with a balance close to $100,000

[acesfull]

Originally Posted by LHarveyMadman

I have a HELOC, and it did not play a role in my modification. Mine is also large, with a balance close to $100,000

Hey Lharveymadman.

So did you just list the heloc monthly payment on your expense sheet?
Also did you try to get the heloc modified? If not it maybe a good time to try. Keep up the good fight.

acesfull/loan mod success with AHMSI.

[LHarveyMadman]

Yes, I just disclosed the monthly payment. I have not tried to modify the HELOC, because I wanted to focus on my ARM. With the prime rate so low, I am not too concerned about the HELOC for now, but when the Fed starts to tighten monetary policy, I will start looking at options for this.

[HopingtoFind]

Having a 2nd or HELOC in itself does not hurt your chances of modifying your first. Monthly payment on your HELOC is considered to be an expense equivalent to any other expense that you would need to disclose to your lender. So I guess if you have to much of a deficit modifying your 2nd should help with your 1st.

We actually just received a modification offer on our $90k HELOC, so I guess it is possible... doesn't hurt to find out IMO.