Chase Reduced Bal to Zero?

[dmc-2008]

I have an 8000.00 balance on a heloc with Chase. My original payment before bk was 22.00 a month.

I just got a letter from them addresses to me and my atty that the balance is now 0.

Principal and interest is 0.

Why would they zero out the acct? They are secured creditor and are getting payments thru trustee?

What does this do to my case, just give more to the other secured. Up the % to them?

I'm a little confused but I hope this is a debt gone.

I hope not bad news :-(
??? Thank you!!

[dmc-2008]

Oh my gosh, I've been reading, thinking and dreaming that if the other second is forgiven (I am lien stripping two loans) and if they are both forgiven maybe I can convert now to a 7 or find another way to exit early. Oh to dream!!!!!

Would that just be all end all? Lol I would die of happiness!

[spidge]

Will pinch yourself real hard or I could run over and do it for you. Congrats!!!, and damn I'm jealous. Fingers crossed the other lender does the same thing so you can convert and be done.

I do believe that $22 will simply be distributed to the other claims within your 13 so there will be no savings on your trustee payment unless you are paying 100% back to the creditors.

Little by little some things just start to line up, so keep the ship steady.

[dmc-2008]

Oh Spidge I would just die! Things like that just don't happen for me. I have never ever never had a ship come in! The other loan is with the same lendor so I don't know if that makes my chances good or bad! Maybe good because now we know they are forgiving?? I don't know but I will be checking my mail box every day!

You can come pinch if a second letter arrives. ;-). Fingers crossed, it would be the best thing in the world. On every level.

[sophieanne]

Hi DMC...
Chase seems to be a very unusual creditor. For some reason they chose not to put in a claim on $20,000 worth of credit card debt for me. I was happy.
I hope everything goes the way you want/need it to.
Of course where would the 2017 club be without our leader

[dmc-2008]

Thanks Sophieanne! I think it is too much to hope for, if they only forgive the one loan it didn't mean much
To me but if they forgive both, whole different ball game! :-)

I wod miss ya!!!

[switch625]

Hi DMC...
Chase seems to be a very unusual creditor. For some reason they chose not to put in a claim on $20,000 worth of credit card debt for me. I was happy.
)

Chase never bothered to file POC on an amount of CC debt that was at least twice that amount over several of their credit cards that both my wife and I had with them. The greatest victory so far of my BK!

Chase was part of a multi-bank DOJ mortgage settlement a few years ago. Maybe they finally got around to extinguishing your HELOC because of it dmc?

[dmc-2008]

I think so switch! I just wish they would have extinguished both heloc and 2nd! Not greedy or anything ;-). It's just that it's doesn't do much accept give the other creditors (themselves) they are the other secured creditor, more money.

It doesn't improve my situation at all unless I am understanding it wrong'

It's all good!

[dmc-2008]

Ps every single creditor filed a claim in my case! :-) I told you, nothing in finance ever has been fortunate for me! Gah!!!!