Posted on: 19th Mar, 2010 05:46 pm
hi, i am upside down like the rest of the world right now on my rental home. i am current on morage and the heloc. i am upside down the full amount of the heloc about 56,000 and owe about 122,000 on the first, and that is about what it is worth. i was wondering how to get the bank to settle on the heloc? i know this is possible but don't know how to go about it. my credit is very good but it dos not make much since to continue paying on something that will never be worth what i am paying. i am a tipped employee and there are no longer no more no doc loans so i can not even refinance. i really do not want to let the home go. but i keep pazying about 220,00 a month that is just interst on the heloc. i have renters in there that cover the morage. but not the heloc.
You will have to contact your lender and check out if they can reduce your HELOC payments. If the lender does not help you and if you do not want to continue the payments, then you will have to let the property go. You can apply for a deed in lieu of foreclosure with your first lender. This will help you in getting rid of the home but you will have to satisfy the debts of the second lender.