SLS wants outstanding balance of 1st, before counter offer on discharged HELOC


LoanSafe Member
Jan 22, 2010
My spouse and I had a Countrywide/BOA helco discharged in chapter 7 in 2009. Tried to renegotiate after discharge, but BOA wouldn't work with us. Upon advise, we haven't paid on it since then. Owed about $41,000 at the time. SLS is the service provider, BONY is the trustee. Haven't received an actual balance since 2010. This year, we open up a settlement offer of $2,000 with SLS to remove the lien - gave them permission to discuss the loan, etc.

We have been in touch with them over the phone. We have held fast about not providing them with any financial information, however they won't provide a counter offer until we provide them what our outstanding payoff balance is on the 1st with Wells Fargo or even tell us what the running balance is for us to base a settlement on. They just said the looked up our home value on Zillow and said that there is no way they would take our first offer. Would like to have this monkey off our backs. Any suggestions on how to proceed?


LoanSafe Member
Aug 31, 2011
Exactly... like Zillow and other AVM, providing inflated numbers. On top of that, the house market is in a large bubble. Not a good time to talk to them. When they call, turn on that one song, "Born to be wild." The Banks\Lenders are aiming for that appraisal number. No way they are going anything less. This monkey will be on your back for a long time.