So I have a 1st, 2nd, HELOC and Visa card with the same credit union. The CU sold the 1st mortgage to a mortgage investment company from out of state back when I bought the house 4 yrs ago but they collect my mortgage payments on behalf of the investor. I have not paid any mortgage or other creditors since Oct '08. In Feb '09 I got a letter from the CU stating they've filed a Notice of Default for failure to make the HELOC payments (not the 1st or 2nd mortgage). I checked online and a NOD was indeed filed.
Basically I have just ignored the letter. I'm waiting to see what they do now as 3 months from the NOD comes up in early May. House is worth 190K down from 350K purchase price. HELOC was for 40K. First mortgage is 265K.
I am filing my BK next week. This may stall the HELOC folks another month or so. Been living rent free so far for 6 months. Too bad a couple of those months I was unemployed so could not really save as much money as I would have liked.
So I don't really see them going ahead with foreclosing since they can't pay off the 1st mortgage investors. Or could they do something intriguing? Oh well, hopefully at least another 3 to 4 months rent free living before all this plays out.
Basically I have just ignored the letter. I'm waiting to see what they do now as 3 months from the NOD comes up in early May. House is worth 190K down from 350K purchase price. HELOC was for 40K. First mortgage is 265K.
I am filing my BK next week. This may stall the HELOC folks another month or so. Been living rent free so far for 6 months. Too bad a couple of those months I was unemployed so could not really save as much money as I would have liked.
So I don't really see them going ahead with foreclosing since they can't pay off the 1st mortgage investors. Or could they do something intriguing? Oh well, hopefully at least another 3 to 4 months rent free living before all this plays out.