Subscribe to our mailing list

X

My HELOC Keeps Rejecting My Loan Modification Attempts

By on May 25, 2013

“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 filed a compliant with the AG’s office in AZ and finally was able to get a mortgage modification – however, during this process which took more than a year – I found my HELOC had been sold to another firm.

I never received any notification regarding the status of the HELOC. Since receiving my modification in July of 2011 – I have been trying desperately to reach a modification with the firm holding the HELOC – not one of the proposals has been accepted – I’ve sent in financial data (I’m making a 1/3 of what I did when I purchased the home), I’ve responded to their requests – and all have come back with unaffordable re-payments…..

So, My question, what can I do to negotiate the HELOC to a modification? I was told that this would be easier than the first but, that’s not the case – should I seek legal advice?

Mary”

Dear Mary,

Without knowing more about your balances I can only give you some general advice but I can point you in the right direction.

No problemIf your HELOC is above the value of your home you might want to consider a chapter 13 bankruptcy which would strip the lien from your property.

If the HELOC is not above the value of the property then you can use the free resources below to explore a resolution.

One point many are confused about is no lender is required to modify any mortgage they don’t want to.

If you do decide to pay for legal advice I would suggest you find a real estate attorney who is licensed in your state. And also understand there are lots of people out there who will lie to you to make the sale. You might want to become familiar with the FTC rules on Mortgage Assistance Relief Services before you pay anyone.

READ  Can I Call Citi to See if They WIll Let Me Settle My Debt For Less? - Joe

Thank you so much for contacting me.

Please post your responses and follow-up messages to me on this in the comments section below.

morehelp1 Choice1 Choice2 Choice3 Big Hug!
Get Out of Debt Guy - Twitter , G+ , Facebook
If you have a credit or debt question you'd like to ask just use the online form .

Last step, fill out the information below or call us for Priority Assistance.

What problems are you having with your report?

Your first name is required. Your first name is required to be at least 2 characters. Your first name cannot be longer than 50 characters.
Your last name is required. Your last name is required to be at least 2 characters. Your last name cannot be longer than 50 characters.
Your email is required.
Your phone is required. Your 10 digit phone number is required.
Your state is required.
Your age is required. Your age must be greater than 18. Your age must be less than 100.

By clicking on the "Contact Me" button above, you consent, acknowledge, and agree to the following: Our Terms of Use and Privacy Policy and to receive electronic communications. We take your privacy seriously. That you are providing express "written" consent for Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS - charges may apply), even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list. Consent is not required as a condition to utilize Debt.com services and you are under no obligation to purchase anything.

By clicking on the “Contact me” button above, you consent, acknowledge, and agree to the following: (1)That you are providing express “written” consent for Lexington Law Firm, Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS – charges may apply), or dialed manually, at my residential or cellular number, even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list; and (2)Lexington Law’s Privacy Policy and Terms of Use and Debt.com’s Terms of Use and Privacy Policy. Consent is not required as a condition to utilize Lexington Law or Debt.com services and you are under no obligation to purchase anything.

About Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

Share a Comment / Leave a Reply

%d bloggers like this: