Hello. I'm new to this site and have a few questions I hope someone can answer. I filed bankruptcy in 2007, continue to pay the 1st mortgage but have not paid the HELOC in over 10 years. I'm looking to refinance and hope to settle the HELOC (Santander). There's about $75K in equity in the home. I called them today and found out I owe about $13,500. Are they likely to settle? What % are people offering to settle? Any help and advice is appreciated. Thanks!
Settlement strategies
- Thread starter Jokie715
- Start date
Jzone
LoanSafe Member
You can use this guide here to start: https://www.loansafe.org/forum/threads/strategy-for-settling-your-2nd.37996/
Ive been in a very similar situation since 2009. Bankruptcy, stayed in the house, paying the 1st but not the 2nd. Your second is probably secured with a lien?
Gone are the days of settling for 10%-20%. 50% or more and sometimes they dont even want to negotiate. I've learned to lay low and let them contact you. I recieve a letter once or twice a year and simply reply back in writing my offer. I never hear back from them and never any foreclosure letters. It's just a waiting game at this point. They know that if they simply wait, they will eventually get paid.
If you don't need to sell or refinance, dont contact them.You cant sell or refinance without settling that second mortgage first, and once they know that, they have even less reason to settle.