Question: We finally after more than six months obtain a Mortg. Mod. on our 1st mortg. with Wells Fargo, Since then we are are on our 4th month beyond the 3 months pretrial period.What happens to the HELOC Loan from Chase for $58,000.00 dls that I was unable to payed for the last 6 months. I was told by the loan Mod Lawyer that since it was a unsecured debt that it would be settle at a reduced rate of 25% and absorved by primary mortg. Is THIS correct I have been receiving phone calls from a collection agency, who should I called ??? Wells Fargo or Chase.

Answers

Posted By: info@rtlmwest.com on Feb 25, 2010 09:19AM

A: No this is not correct. Your line of credit is secured to your property. You may be able to settle the debt but you have to have enough cash on hand to do so. Wells Fargo wants nothing to do with your HELOC. You need to speak with Chase.