top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Account Is Cancelled? (heloc)

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Account Is Cancelled? (heloc)

    Well, today we got a third letter from the bank that is the lender for our HELOC! Two before had said they were part of an "account review" - sent AFTER we filed BK, asking for 2 years of tax returns and a financial statement, etc.

    This one says they received notice of our BK (yeah, right - like a month ago - duh).

    It says due to "the agreement", the account is now cancelled (as of LAST TUESDAY!).

    Interestingly, before we got the mail this afternoon, my husband had just paid the next payment this morning (which was accepted with no problems or questions at all). The payment was due as of tomorrow. So why did they accept payment if the account is "cancelled"?

    What in the world does this mean? HELOC "account is cancelled"? They did not say suspended or frozen -- ACCOUNT IS CANCELLED. How can that be when we still owe a balance?


    I was actually going to reaffirm it, but now...???


    *Note: We have always paid on time and usually more than minimum and have paid this HELOC off once or twice before.
    Filed Ch 7 -- July 9, 2008
    341 mtg ---- August 14, 2008
    Discharged ---- October 17, 2008
    Closed --------- December 11, 2009!

    #2
    I think they closed your line of credet.
    Chapter 7 07/30/2008
    341 09/17/2008
    Discharge 11/21/2008

    Comment


      #3
      Yeah that's my guess. I would imagine you just need to keep making your payments and there shouldn't be a problem. I'd call the attorney just to be sure or simply call where your mortgage is and see what they say.
      Filed Chapter 7 June 4 ~ 341 July 20 ~Last day of objections Sept 18~Discharged/Closed Sept 21

      Comment


        #4
        TEW is correct...all they did was close your ability to charge additional money against the line of credit. Don't think for a second that you have been released from your liability to keep making payments.

        Comment


          #5
          Originally posted by HHM View Post
          TEW is correct...all they did was close your ability to charge additional money against the line of credit. Don't think for a second that you have been released from your liability to keep making payments.

          Thanks for the answer. Thats what I thought and of course I had no intention of trying to get more credit on this line - God knows I wish I had not even taken this last draw!!!

          I figured that the drawing privilege was lost when we filed BK, but they have just been rather strange about it all and in this particular letter, the language used that the "account" was "cancelled" kinda threw me.

          Still not gonna reaffirm it though unless I am backed into a corner - but will keep the payments going.
          Filed Ch 7 -- July 9, 2008
          341 mtg ---- August 14, 2008
          Discharged ---- October 17, 2008
          Closed --------- December 11, 2009!

          Comment

          bottom Ad Widget

          Collapse
          Working...
          X