Posted on: 11th Feb, 2011 02:52 pm
may 2009 i was discharged with chapter 7. i did not reaffirmed the debt on my home but worked out with the bank a loan modification with first mortgage.
on my heloc, second mortgage, i stopped making payments back in 2009. chase sold it to debt collectors, and today, february 2011, collectors are asking for monthly payments or the house will go on foreclosure.
i am up to date with my first mortgage but did neglect my heloc. can i propose to this collectors a loan modification, will they consider it? what would you advise me to do?
on my heloc, second mortgage, i stopped making payments back in 2009. chase sold it to debt collectors, and today, february 2011, collectors are asking for monthly payments or the house will go on foreclosure.
i am up to date with my first mortgage but did neglect my heloc. can i propose to this collectors a loan modification, will they consider it? what would you advise me to do?
Hi csolmarie,
Debt collectors won't be ready to give you a modification. You should contact your original lender and ask him to withdraw the account from collections. Once they withdraw the account from collections, you can negotiate for a loan modification with the lender.
Thanks
Debt collectors won't be ready to give you a modification. You should contact your original lender and ask him to withdraw the account from collections. Once they withdraw the account from collections, you can negotiate for a loan modification with the lender.
Thanks