Here is my info from a previous post:
1st - Aurora (modified)
1st balance: 310K
1st Purchase: Yes
2nd: Chase HELOC
2nd bal: 210K
2nd Purchase: No
Property value: 295K
I have been following Tom Eason's advise. I have not paid the 2nd in over 3 years. I have received settlement offers of 65%, 35%, and 15%. I then countered with 3% and after waiting another 2 months I have received a 12% offer good for 1 month. I can pay that amount, but I am tempted to counter with 5 or 6% to try to get them to counter to around 10%. Is this a good strategy? It would lower my settlement about 4K but since I am settling for about 178K less than the 202K loan, should I just settle? What do you suggest?
Well, Tom said to wait it out and they sent me another offer for 15% in October 2011. I again followed Tom's advise and did nothing (I never knew doing nothing could be so difficult).
Today, July 20, 2012, the doorbell rang and there was a FEDEX envelope on the front porch. First thought, what did the wife buy now? Nope, it was a letter from Chase stating "full extinguishment of your second lien home equity loan under HAMP". Just sign and return the form. it also said "if we receive the signed certification, we will forgive your loan and cancel collection and foreclosure proceedings that we may have begun. We will issue a release of the mortgage lien and send you a copy of the canceled loan documents as evidence of the cancelation".
210K gone. It took over 3 years but it was well worth the wait. Thanks so much for this awesome site and thanks to Tom and all others for their help.
Every day is a good day, some are just a little better than others!