We are 35 days after the 341 meeting. We have a mortgage and a home equity line of credit on the house, and plan to keep the house. We have about $45k equity at the moment, with a $200k first and a $100k HELOC. (I think that's a reasonable estimate of current value based on actual sales activity around here, but you never know what may happen later.) We intend to keep making payments, but my online statements for the HELOC show $0.00 interest accrued and $0.00 minimum payments (we are still in the "draw period", where we're only required to make interest payments).
The thing is, it's a variable rate HELOC, so I can't really know what the correct payment is until I get a statement.
Is there some reason that they have to stop charging interest, or is it more likely a mistake that they will rectify as soon as we (fingers crossed) get discharged? For example, since they've effectively closed the line of credit, have they lost the right to charge interest against the security?
I'd be more than happy to make no payments with no interest on that loan through the draw period. For now I'll just put an estimated payment into savings as long as the online statements show no interest accrued and no payment due.
The thing is, it's a variable rate HELOC, so I can't really know what the correct payment is until I get a statement.
Is there some reason that they have to stop charging interest, or is it more likely a mistake that they will rectify as soon as we (fingers crossed) get discharged? For example, since they've effectively closed the line of credit, have they lost the right to charge interest against the security?
I'd be more than happy to make no payments with no interest on that loan through the draw period. For now I'll just put an estimated payment into savings as long as the online statements show no interest accrued and no payment due.
Comment