Chase Negotiated My Heloc

keem

LoanSafe Member
Jan 7, 2016
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couple years ago i had chapter 7 and did not make any payment on my chase HELOC account, chase keep calling me and offering, to pay aprox 15 % of the total balance to pay off the amount that was last year.

today i called him and he negotiated with me and agreeed to pay 20% and they will wipe the rest of the balance.

my question is; is this really true? and what areas should i be careful before i pay them? i am worried if they will get the payment and still ask me to pay off the rest or something.... my plan is to keep the house and deal with the first mortgage or sell the house this year...
any comment advise is appreciated.
 
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driftwood

LoanSafe Member
Sep 17, 2012
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If you can afford the 20% and the home has equity or will have equity soon then it might be worth doing. I would get everything in writing first. Is the first current? What state is the home located?
 

keem

LoanSafe Member
Jan 7, 2016
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first mortgage is just sold to a new company i havent talked to them yet. location is in oregon.
 

Abba

LoanSafe Member
Aug 11, 2016
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We have a sold out HELOC with Chase. We have been paying for many years and now won't be able to afford the higher payments. They offered to settle with us in the past, when we were still paying, but we didn't have the money. We can settle with them now, but had to stop paying, to get any response. Now they offered a trial payment plan, which may not include a balance modification. We just want to settle and be done with it. We are in AZ. Should we accept the TPP and see if their modification will reduce balance, or not respond at all?