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Tag Archives: HELOC

My HELOC Keeps Rejecting My Loan Modification Attempts

No problem

“Dear Steve, I am writing regarding a 2nd (HELOC) on my Condo. When I lost my job in 2010 – I fell behind on my mortgage and HELOC – I went to then Countrywide and they said they would work with me but, didn’t – then when it was sold to B of A, the situation got worse. I finally ... Read More »

Should We Consolidate Our Mortgage and HELOC With American Bank Mortgage Company? – Lisa

In God We Trust

“Dear Steve, I have a first mortgage with Chase bank it is -$84,000. I also have a heloc with Chase bank it is $114,000. The heloc is interest only. The interest rate on my first mortgage is 4.5% fixed for 12 years. The heloc interest rate is 2.4%. I pay a total of $924 per month on these two loans. ... Read More »

The Ultimate Debt Consolidation Loan Guide: Getting Approved, Acting Smart, and Being Wise


You hear a lot of rubbish online about getting a debt consolidation loan and a lot of just flat out incorrect information. It’s time to put an end to that and help you get the facts so you can make a good educated decision. So here is my guide to help you learn the pros and cons about getting a ... Read More »

I Don’t Want to Get Foreclosed On When My Chapter 13 Bankruptcy is Over. – Ali


“Dear Steve, I have home in California, Bay Area, I filed for Chapter 7 BK, 4 1/2 years back due to business losses & Laid off work, BK 7 was Discharged and immediately i filed for Chapter 13 BK, im still active in my current plan and according to the terms mentioned in my BK 13 Plan, i was suppose ... Read More »

I Need to Walk Away From My Old House in a Crime Ridden Area. What About My HELOC? – Lynn

crime scene

“Dear Steve, First let me tell you Your site is so helpful and informative. A great service.Thank You I hope you can give me an answer, there are so many different opinions about this, but I trust yours. Live in NYS,went bankrubpt 2010,chap 7 discharge,no reafirm on mortgage. Heloc only 48000, no first. Have made all payments since. Things have ... Read More »

Should I Take Out a Home Equity Credit Line to Pay Off My Credit Card Debt? – Joni


“Dear Steve, Credit card debt about 30,000. I contacted you before but my computer crashed and I can’t locate your email. Own a home, never late on mortgage, pays credit cards on time. Interest rates are so high I’ll never catch up. I’m thinking on a home equity credit line to clear up this debt since its impossible to clear ... Read More »

Can I Get a Mortgage Release for My Second Mortgage if I Settle It? – Patricia


“Dear Steve, I owe on 1st mortgage more than the assessed value of the home. I had a 2nd mortgage like the HELOs you talk about-revolving credit loans. I defaulted on the 2nd but the company did not foreclose probably because of the value of property. I now received a settlement offer from a collection agency for about 25% of ... Read More »

How Do I Refinance My Mortgage When It’s Underwater and I’m Loaded With Credit Card Debt? – Dan


“Dear Damon, I have about 53K in credit card debt (18K is @29.99). I plan to reach out to someone for help (still trying to figure out who to call first) for hopefully getting help negotiating a better deal on all the debt. I have house; assessed value is now probably 300k and my 1st mortgage is 272K (@8.1%) and ... Read More »

Why It Makes Sense to Consider Debt Settlement for Second Mortgages and HELOCs


The debt settlement strategy has generally been limited to negotiation of unsecured debt accounts like credit card debt, store charge cards, personal loans, and medical bills. With secured debts, there is always collateral at stake, in the form of property like a home or vehicle. Given the right of secured creditors to foreclose or repossess property, it didn’t make much ... Read More »

I’m Unemployed and Have a Huge HELOC to Pay. – Tom


“Dear Steve, My wife and I are 60 and she has a good income of about 88k. I usually make around 70k, but have been unemployed for 8 months now. We own our home, 225k on the HELOC and 64k on the 1st. The 1st will be paid in full in March of 2014. That will free up about $1900 ... Read More »

Our Rental House is Sliding Underwater. I Don’t Want to Rob our Retirement Anymore. – Thomas


“Dear Steve, I am 52 yrs. old. I worked at the same company for 25yrs., They down-sized, and in Jan. 2009 I was laid off. Since that time, the work I have been able to find is as an independent sales rep with a small start-up. Commission only, very little money. I have also received some unemployment insurance. When times ... Read More »

What Options Does Anyone Have Regarding My HELOC and Bankruptcy? – Sam


HELOC and bankruptcy i have two helocs and a primary mortgage on my home. primary is $350k. one heloc is $50k and other is $40k. home value just around $400k. credit card debt is around $45k. so in a mess to say the least. i was told that if i claimed bankruptcy, the heloc companies would settle my debt for ... Read More »

Collectors Called Constantly Scared of Foreclosure, What Can I Do? – Roy


“Dear Steve, I have recently taken over management of finances and bill paying from my wife. I always knew we had some lingering credit card debt that had been following us since college, but I had no idea what the real situation was. At this point we are $51,000 in credit card debt. We have a mortgage, a HELOC, and ... Read More »

Can We Go Bankrupt And Get Rid Of Our HELOC? – Linda


“Dear Steve, 2 mortgage loans – primary loan is 80,000 still owing at 4.55 % 15 yr loan with mortgage company. 2nd loan is heloc with different bank – owing 97,000 , rate of 3.5 % can the 2nd heloc bank call the loan, they have already put a hold on use of this account? We are now having debt ... Read More »

I Want to Use a Home Equity Loan to Get Out of Debt. – Sandy


“Dear Steve, I ran up some credit card debt starting a business and would like to pay it off. Right now I am using balance transfers with 0% (but with 3% transfer fee) to keep a handle on the debt, but it’s an on-going game. I’d like to make it simple and focus on paying off all the credit card ... Read More »

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