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Heloc Settle Questions....

HelloI have a 1st in California for 300k and a Heloc for 120k. The house is worth 200. I am trying to work with the heloc bank to settle. If I am able to agree on an amount what do I need to make sure that I get in writing from them before I send them money? Also, what is the best scenario for my credit in writing from the bank?Thanks for your help by jayjay7878 from Bakersfield, California. May 31st 2011 Reply


Gianni Cerretani (mortgagegodfather)
#33 ranked lender in Georgia - 238 contributions

I will just reiterate what the other lenders have already said. I woul dmake sure you get everything in writing; primarily that the loan has been paid in full and satisfied by the lender. You also want to make sure that they state there is no recourse in regards to setteling for less then what is owed. essentially you want to make sure the lender cannot come back and claim that you still owe them money after the settlement. It would be very wise to have a real estate attorney look over the settlement paperwork before you sign anything. Good luck!

Jun 1st 2011
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Chris Gummerson (cgummerson11)
#394 ranked lender in California - 648 contributions

Are you trying for a short sale, or a loan mod, or are you just trying to negotiate your balance on your 2nd? If you are using short sale, or loan mod, you can complete the HAFA short sale application which allows for part of the settlement to pay out the 2nd. Need more info on your goal.

May 31st 2011
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Jennifer Jaye Fraser (QueenBeeBroker)
#193 ranked lender in California - 9 contributions

Hello jayjay7878... If your heloc bank is working you, they will most likely send a confirmation to you with the agreed upon terms to accept final payment. What is the status of your 1st? Give me a call if you have any additional questions.Jennifer Jaye 310.877.3800

May 31st 2011
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Eddie Sexton (esexton)
#7 ranked lender in Kentucky - 54 contributions

Make sure you get it in writing for no recourse

May 31st 2011
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