Can I sell my house? (read on)

leavingMD

LoanSafe Member
May 30, 2012
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I have a primary mortgage with Chase bank that I pay on time, maybe 30 days late a few times. I also had a home equity line of credit with Chase which I got behind in and they recently charged it off. They are asking that I pay the entire amount $28k. With this charge off can I still sell my house? Do I really have to pay the charge off amount in full?
 
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Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
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I have a primary mortgage with Chase bank that I pay on time, maybe 30 days late a few times. I also had a home equity line of credit with Chase which I got behind in and they recently charged it off. They are asking that I pay the entire amount $28k. With this charge off can I still sell my house? Do I really have to pay the charge off amount in full?
Welcome and thanks for joining the community.

Do you know how much your property is currently worth? If there is equity in your home the 2nd mortgage holder can pursue foreclosure to satisfy the amount owed.. However, if you owe more on your mortgages than your home is worth they are in no position to pursue foreclosure and you may be able to settle the account for as little as 5-20 percent of the remaining balance.