Chase canceling my HELOC loan and removing the LIEN
You heard that right. I guess similar to pcn's experience (another thread), people will be hearing more about this in Sept and Oct 2012. My wife and I were also in pretty big shock upon receiving the FedEx letter. Even though my HELOC was IIB, obviously, Chase Bank's LIEN remained against the property. Of course, I stopped making payments on the 2nd back in 2009. I have never once tried to contact them to settle or anything at all. Our home was in foreclose until we did a loan mod with the 1st (different bank).
And yes, in the letter, they stated they will remove the LIEN. I'm so glad because now that the real estate market appears to be picking up, according to zillow, our house is now "above" water by about $20-30k (above the 1st). We can now continue to live in the house and actually sell it if needed in the future (assuming prices don't "totally" plummet again).
Anyways, this whole mess became possible because of a settlement agreement with the US govt. Here's the link for more information. Also, have a look at the FAQ page. It answers a whole bunch of questions.
National Mortgage Settlement
Good luck!
And yes, in the letter, they stated they will remove the LIEN. I'm so glad because now that the real estate market appears to be picking up, according to zillow, our house is now "above" water by about $20-30k (above the 1st). We can now continue to live in the house and actually sell it if needed in the future (assuming prices don't "totally" plummet again).
Anyways, this whole mess became possible because of a settlement agreement with the US govt. Here's the link for more information. Also, have a look at the FAQ page. It answers a whole bunch of questions.
National Mortgage Settlement
Good luck!
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