Posted on: 28th Sep, 2010 04:36 pm
My husband filed Chp 7 and was discharged in March 2010. I was co-signer on a 100,000 HELOC. Today I received a summons to go to court to pay this. I have not had a paycheck in over a year and my husband has had a reduction in wages.
We want to stay in our home and are underwater for the amount of the HELOC + about 20,000.
I am in the process of trying to get a loan mod with WaMu now Chase. Any help would be great.
We want to stay in our home and are underwater for the amount of the HELOC + about 20,000.
I am in the process of trying to get a loan mod with WaMu now Chase. Any help would be great.
hi connie,
if you cannot pay the heloc, there are chances that the second mortgage lender will foreclose the property. he may even assign your account to a collection agency. in my opinion, it would be better if you could negotiate with your second lender and apply for a loan modification which will help you in saving your property.
thanks
if you cannot pay the heloc, there are chances that the second mortgage lender will foreclose the property. he may even assign your account to a collection agency. in my opinion, it would be better if you could negotiate with your second lender and apply for a loan modification which will help you in saving your property.
thanks