HELOC - GreenPoint/GMAC


LoanSafe Member
Jan 22, 2011
Question: Can a servicer/Trustee foreclose on a defaulted HELOC after the loan maturity date/termination date?

HELOC is 2nd mortgage
Origination Date: 6/2006
Lender: GreenPoint Mortgage Funding (MERS)
Maturity Date: 7/2021
Last Payment: 6/2010
SOL in my State: 6 years
Primary residence and the jumbo first mortgage was modified in 2015 and I am current

Communication: I have received one collection letter in 2016. I have received no monthly payment statements from anyone after GMAC's last payment statement in 2010.

Summary: There is no title chain on my county records (only original 2006 DOT filed on county records). My loan is in one of the bundled loans of the now failed Lehman/GMAC/GreenPoint which none of them exist any longer, and since there is no chain of title or assignments of beneficial interest on my County records, I reached out to MERS to confirm the ownership of the note, and they sent me to legal and they told me the reach out to my current servicer. The current servicer tells me to reach out to the low level credit collections. I have not wanted to "poke the tiger" because I haven't had the funds to settle, and now that they are covered by the equity, so I am sure they wouldn't want to settle. The payoff that the credit collection agency provided in 2016 added almost 50% to the already large balance, so that is not an option. I am willing to ride this out for the SOL to kick in in 2027 (6 years after the 2021 maturity date).

Question: My question is whether or not next years 2021 maturity date/termination date will eliminate their ability to foreclose?