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We have assets in our 401K, IRA and 529 but no taxable account assets.

We were told we were eligible for either a short sale or deed-in-lieu of foreclosure via their form letter. We have talked to one attorney and she recommended that we continue to pay the HELOC. This shows Chase that we are making an attempt and once we go past due instant approval loans online on the 1st we could start the conversation with Chase to see if they would work with us. I thought this was interesting because if anything is going to go our direction the HELOC would be gone at the end of the day…it has no equity supporting it. The situation would be that the 1st mortgage would be past due but the HELOC would be current? We understand going past due will destroy our credit but our options are limited at this point. My dream scenario would be to give us a mortgage base on the current value of the home. I have seen this type of scenario about a thousand times over the last 8 years.

Each and every time, the mortgage servicer had denied the loan modification and refused to work with the homeowner. The reason being is that you can afford the payment and are choosing to strategically default. You have given them your financials which shows this to them and now they have the ammo they need in case you deiced to walk away. Banks like Chase do not care and have billions and billions of dollars in backing. Hope for the best, but definitely plan for the worst. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet.

You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Good advice to hope payday cash advances for the best and plan for the worst but at the same time I want as informed as I can me ahead of time on our best options. What about this scenario…we keep the 1st mortgage current with the new terms and stop paying the HELOC. It would be a financial reach but maybe possible and we would have a negative equity variable 1st mortgage. If I were you and dead set on strategically defaulting, I would default on my HELOC go installment advance cash loans first like you had mentioned.

If they stone wall you, then they may foreclose or come after you personally. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet.

You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Today we received a FEDEX envelope with a Trial Period Plan. Three advance cash months of payments similar to what a our payment was before the adjustment. Verbiage is that a modification agreement would be sent following the third payment. Most members who have settled just ignored these offers and waited until they were willing to settle the debt. However, there have apply loan online been some members who did not wait it out and initiated settlement talks themselves and were successful as well. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Should I reach out to them or continue to wait them out? Second quote - not a bad idea as it relates to the 2nd. You apparently have no equity after consideration of your 1st mortgage. Go see a bk attny if you really want to get rid of that 2nd. Yes, you are making progress but as you said, there will be tax issues if you do settle. There is not much you can do there other than talk with a CPA which you already have planned. There is also the option that Des mentioned above and that would be a chapter 13 bankruptcy 2nd mortgage lien strip which could wipe out your 2nd mortgage completely. This is supported by the Bankruptcy Code, specifically Section 506 in which it is declared that a lien can only be considered to be secured based on the value of the collateral. Therefore, for the amount that can no longer be covered by advance cash the equity of the home, the second mortgage is considered to be unsecured.


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The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any where to get a loan particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages.

I received a Mortgage Loan Modification through Chase after a LONG, DRAWN OUT, HARD BATTLE. The interest rate was initially reduced for a 5 year period, then has had step increases over the last few years. I was and still am very appreciative with that aspect of the loan mod.

I am concerned that is a predatory lending practice. I was advance cash not in arrears at the time of the modification. I have paid my monthly mortgage amount every advance cash month in full and on time since the loan modification. Mortgage servicers are notorious for adding on unexplainable fees to a loan modification. In my 9 years counseling people online, I do not think one servicers has even justified and or explained these fees. Of course it is predatory because they are preying on you when you are down and out, stressed and not thinking clearly. This is understandable due to the fact that you are losing your security - your home and roof over your head. In this letter you can as about all questionable fees, entries, documentation and a life of loan history (all fees and payments ever made on your mortgage) from your lender. When you contact your servicer in writing, make sure to document and include your account number.

Within 20 business days of receiving your letter, your mortgage servicer must send you a written response acknowledging it. Your servicer then has 60 business days, to correct your account or determine that it is accurate. Your servicer must then send you a written response of the action they took and why, along with the name and telephone number of someone you can contact for additional assistance. The following is a sample qualified written request from you, the borrower, to a lender.


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Use this format to address complaints under the Real Estate Settlement Procedures Act (direct line loans RESPA). I understand that under Section 6 of RESPA you are required to acknowledge my request within 20 business days and must try to resolve the issue within 60 business days. REMEMBER: This letter SHOULD NOT be included with your mortgage payment, but should be sent separately to the customer service address. You may bring a private right of action under Section 6, if you suffer damages due to the lenders servicing of the loan. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect online fast cash loans to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not advance cash reflect the opinions of the firm or any individual attorney. Please Read our Please keep in mind that mortgage servicers will often ignore your requests because they know that most people do not have the time and or money to bring a lawsuit. If you cannot sue, then they can break the RESPA law with little to no recourse. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual payday loans henderson nv author and may not reflect the opinions of the firm or any individual attorney. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages.