I successfully renegotiated my HELOC Settlement
Date: Thu, 09/23/2010 - 15:44
As anyone who has followed my settlement journey knows, after settling $150,000 in cc debt I moved on to the HELOC in July. I settled it at about 20% of $100k that was roughly in 10 payments of $2000 each. Because I depleted my resources on the cc settlements, I found myself unable to do the $2000. Much to my surprise, wf accepted my revised offer with the same amount but 1/3 the monthly payment with a lump sum at the end. They also moved the money I already paid towards it on the old terms so nothing was lost. I still own and live in the home but will no longer have a second mortgage in a few months.
I suppose I just settled a settlement!
I suppose I just settled a settlement!
Great one dantheman!!!! Did you get the settlement agreement in
Great one dantheman!!!! Did you get the settlement agreement in writing?
Quote:Originally Posted by paulcahill80Great one dantheman!!!! D
Quote:
Originally Posted by paulcahill80 Great one dantheman!!!! Did you get the settlement agreement in writing? |
Both the old and new agreements were in writing, including that the lien would be released when final payment is received. I was surprised they settled since I still have the home. The first is not underwater and the second is about 2/3 underwater.
How did you renegotiate the credit card debt?
How did you renegotiate the credit card debt?
Also, my parents have a HELOC but do not have a first mortgage (only thing owed on house is the HELOC). The house is worth less than they owe. Do you think they will be able to renegotiate their HELOC? Do you have any advice on how to renegotiate? They are current on their payments? Will they only be able to renegotiate if they stop making their payments?
