Chase HELOC help

Welcome to the LoanSafe Forums!
Get free mortgage help today. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages.
Register for FREE

Galiman

LoanSafe Member
Nov 13, 2019
2
0
0
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
2,113
182
63
San Diego, California
www.loansreduced.com
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]