Posted on: 10th Feb, 2010 01:27 pm
I have a $225K Chase HELOC on my primary residence on which I am about 14 months late. The home is worth about $80K more than what I owe on the Wells first mortgage (current at this time). After asking Chase whether they would be willing to settle, the Chase recovery department wanted to know whether the home was my primary residence or investment. As soon as I said 'primary' the Chase rep quoted a 70% settlement amount. I'm wondering whether anyone knows whether moving out of the house and making the home an 'investment' home would change Chase's settlement %.
Thank you for your time.
Thank you for your time.
Hi amsmith,
It would depend upon your lender as to how much amount he would quote when you declare the property as an investment one. I would suggest you to speak to the Chase Recovery Department and get their opinion in this regard.
Thanks
It would depend upon your lender as to how much amount he would quote when you declare the property as an investment one. I would suggest you to speak to the Chase Recovery Department and get their opinion in this regard.
Thanks
Thank you, jameshogg. I called Chase this morning and they said that the fact the home is primary vs. investment only impacts Chase's decision in a short sale.
I was able to settle a $120K BofA HELOC for 10% last year, but Chase is saying minimum 70% and Chase wants all my financial docs (paystub, checking statements, 2008 tax return) to determine whether they will accept my settlement offer. I'm a bit nervous providing them all this financial info. Am wondering whether they will look at my income and decide to garnish wages instead of accepting their 70%.
I was able to settle a $120K BofA HELOC for 10% last year, but Chase is saying minimum 70% and Chase wants all my financial docs (paystub, checking statements, 2008 tax return) to determine whether they will accept my settlement offer. I'm a bit nervous providing them all this financial info. Am wondering whether they will look at my income and decide to garnish wages instead of accepting their 70%.
You can contact your lender and check out whether or not they would garnish your wages and not accept the settlement amount. They would be the best to help you in this matter.
amsith77:
could you please tell us little detail how you make BOA accept your 10% offer?
You are the first one I found succeed with BOA.
Please help!
could you please tell us little detail how you make BOA accept your 10% offer?
You are the first one I found succeed with BOA.
Please help!
Yes, would like more information regarding the HELOC settlement . I have 170 with bofa and would like to settle an amount. I'm now unemployed, house is being rented because I can't pay for the mortgage. Trying to mod my 1st right now. I called BofA and they want all my paystub, checking statements, 2008 /2009 tax returned. I'm in the process of filing Bk. Wondering if BofA would settle . I will be sending my info to them soon.
Lizzy
Lizzy
how do i get forms to send in.
Hi janetSalerno!
Welcome to forums!
What forms are you speaking off? Please post your query in details so that it becomes easier for us to give you a reply.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
What forms are you speaking off? Please post your query in details so that it becomes easier for us to give you a reply.
Feel free to ask if you've further queries.
Sussane
how do i get claim forms
Hi herman,
Your query is not clear to me. What claim forms do you require? Please post your query in details so that it can help us help you.
Thanks
Your query is not clear to me. What claim forms do you require? Please post your query in details so that it can help us help you.
Thanks