When Servicer Owns the HELOC - Loan Modification Forum

Bob The Homeowner · 01-12-2009, 03:45 AM

Chase service my first loan owned by Fannie Mae. Chase services and owns my HELOC. My house can be sold for 300K. My first is for 250k my HELOC is at 70K. I am 85 days late on the first. I am not late on the HELOC

I need advice. I am trying to modify my first (lost my job) and they are working with me. But it is really the HELOC that is going to bury me.

What are the chances that CHASE will give me a break or wiork with me on the HELOC?

Ambling · 01-12-2009, 01:54 PM

One option for you would be to get the first modified and then stop paying the second altogether. Is it non-recourse?

Bob The Homeowner · 01-13-2009, 03:26 AM

Thanks Ambling. I just had Chase mail me the HELOC document (which I could not find), I will look at it again but I thought they could foreclose on me.

I was also hoping that since they service the first, which is NOT under water by itself, and are negotiating the modfication, they would fight harder for me with the owner of the first since without modifaction, the HELOC with them is 50% bellow water.

No?

01-12-2009, 03:45 AM	#1 (permalink)
Bob The Homeowner Member Join Date: Dec 2008 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	When Servicer Owns the HELOC Chase service my first loan owned by Fannie Mae. Chase services and owns my HELOC. My house can be sold for 300K. My first is for 250k my HELOC is at 70K. I am 85 days late on the first. I am not late on the HELOC I need advice. I am trying to modify my first (lost my job) and they are working with me. But it is really the HELOC that is going to bury me. What are the chances that CHASE will give me a break or wiork with me on the HELOC?

01-12-2009, 01:54 PM	#2 (permalink)
Ambling Senior Member Join Date: Aug 2008 Posts: 121 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: When Servicer Owns the HELOC One option for you would be to get the first modified and then stop paying the second altogether. Is it non-recourse?

01-13-2009, 03:26 AM	#3 (permalink)
Bob The Homeowner Member Join Date: Dec 2008 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: When Servicer Owns the HELOC Thanks Ambling. I just had Chase mail me the HELOC document (which I could not find), I will look at it again but I thought they could foreclose on me. I was also hoping that since they service the first, which is NOT under water by itself, and are negotiating the modfication, they would fight harder for me with the owner of the first since without modifaction, the HELOC with them is 50% bellow water. No?

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode