Chase Heloc - House Not Under Water - How Should I Negotiate?

Cvermont

LoanSafe Member
Jul 22, 2013
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My first mortgage is with Citi and they just agreed to modification; I am now in trial payment period. My question is do I have any negotiating power with my Chase HELOC if I am not upside down on mortgage??? House value is $600k, First mortgage 100k, Chase HELOC 250K. I live in NY, I'm a widow and currently unemployed, no income. Is it possible that Chase would agree to lump sum payment for 30-50% of amount owed??? Would they move to foreclose since they could recoup $ if they foreclosed? Any advice would be greatly appreciated.....
 

Evan Bedard

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Loan Safe Mortgage
Aug 26, 2007
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My question is do I have any negotiating power with my Chase HELOC if I am not upside down on mortgage??? House value is $600k, First mortgage 100k, Chase HELOC 250K. I live in NY, I'm a widow and currently unemployed, no income. Is it possible that Chase would agree to lump sum payment for 30-50% of amount owed??? Would they move to foreclose since they could recoup $ if they foreclosed?
Welcome to the LoanSafe community.

Do you know how much your home is currently worth? If not, I would recommend you contact a local real estate agent and request a CMA (i.e comparative market analysis).

Unfortunately, if you do have equity in the property Chase has the authority to foreclose on the property if you were to default on the account. But that does not leave out the possibility for a settlement, and you will find many others who have pursued this option in the following thread:

http://www.loansafe.org/forum/debt-settlement/41196-settling-money-2nds-16.html