HELOC Relief in Michigan

You may be lucky. From my countless hours of research, I found that Beneficial was one of the easiest to settle with. Once you have been charged off, they may offer you 5% settlement. Not sure these days, but that is what they did a year or so ago.

If your credit would have been better, then you could have gone for a cash out refinance and pay off the HELOC in full. However, as the situation is not so, you will face difficulty in order to get rid of HELOC. Nevertheless, I will suggest you to contact your HELOC lender and discuss your financial hardship with him. If he is convinced, then he will offer you a repayment plan in order to pay off the dues in full.

Well, different opinions make the world go round. If you wish to pay it in full, then yes do that. If not, and since this is a settlement forum, you can probably settle it on the cheap. Since your credit is already damaged, this probably will not be an issue. Settle it and move on. In my case, I settled and still own the home. Some helocs can be settled even while living in the home. Good Luck. dtm

This is very interesting. I do really just want to settle the debt. It's going to take me forever to pay this off in full. My finances are in order, and i have been paying my bills on time consistently for the last year or so. It's just that i can't make up any ground with this loan. My credit is in need of repair, so i would not mind a settlement. However, i would never do anything to lose my home. I am current, and able to make the payments. I've learned from my mistakes, and in the end i just want a fresh start. I guess that's what everyone wants really. Thanks so much!