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HELOC of underwater house in bankruptcy

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    HELOC of underwater house in bankruptcy

    Hi!

    I filed for Bankruptcy almost two months ago. Mostly for credit card debt that we got into through family emergencies, sickness, and lack of work.

    I filed by myself, without my husband, since he has assets.

    I own an investment house together with my husband, which is underwater.

    I have a mortgage on it just on my name, and a heloc where my husband is on the note.

    I do not really plan on re affirming the two mortgages, but I prefer to keep the house. If I could get rid of it together with the HELOC and the mortgage I would be happy, but since my husband is on the note that is not possible.

    Now for my question.

    If I wanted to negotiate the terms with the HELOC bank, or even with the first mortgage, what would be my best strategy? The payment went to to the repayment period for the last couple of years, which is very difficult. I tried getting it reduced before filing, and they said they could not do it because I was not behind.

    Now, I am still not behind, but it seems like the option might be available for me, though I am not quite sure what to do.

    I have been paying my minimum payment regularly since I filed.

    I hope that pretty soon my case will be over and dismissed, we are close to the 60 day point and no objections etc...

    Thank you!

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