Chase HELOC help


LoanSafe Member
Nov 13, 2019
I’m very new here. Thanks for your help and advice, in advance.

I have a property that’s now an investment property technically. I have a heloc on it with 32k owed. The primary loan is owed 162k. The heloc is at term and the payments are super high but I haven’t missed any.

I can’t refinance because it needs to be a 75% Ltv (investment) and I’m not even close. Im pretty comfortable with my knowledge of the value. I’m losing $300 a month not being able to refinance these loans, however.

I inquired about debt settlement and Chase basically said they don’t do it. Reading your posts it’s clear that they do do it but with a financial hardship. I’m not going to be able to prove financial hardship and again, I haven’t missed any payments. Is there anyway chase would negotiate a settlement without proving significant hardship? Are there any other options anyone can think of here?

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
San Diego, California
Hi Galiman, I have a product that will go up to 80 & even 85% on investment cash out refinances. I'm assuming the 2nd mortgage wasn't purchase money? If it was, you can do a rate and term refinance.

I would say a good strategy here would be to first refinance into possibly a portfolio program if you don't have the equity and then do a rate & term refinance roughly 6+ months later which will have higher LTV limits and better rates. Give me a call if you have any more questions about this and at the very least see if it's something you want to do. 619-379-8999 or [email protected]