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#1
06-23-2009, 03:41 AM
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Can I settle my heloc and keep my house
My heloc is maxed out and has been for four years and I have been paying interest only on it the entire time. I do not see a way out, even if I wanted to sell the house, I couldn't. Can I try a settlement with the heloc and keep my house, both are with BOA.
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#2
06-23-2009, 06:37 AM
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HELOC is a secured loan and so the debt cannot be settled for less. If you cannot continue to pay the existing interest, all you can do is to contact your creditor and go for loan modification. Unless you pay off the debt in full, you cannot sell your house because there will be a lien on the property.
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