Update on HELOC settlement

[relief13035]

Haven't made a payment on my HELOC with CitiMortgage since Feb. We made them a settlement offer of 10% and it looks like they are going to accept my offer.

Citi sent a local realtor to my house yesterday. She told us that they wanted her to give them an estimated market value (which of course isn't much anymore).

I have been working on this for over 3-months and it has been a grueling process.

I'm hoping to be able to post exciting news real soon.

[Bubblebowl]

BEST OF LUCK.
Am current on my heloc also with Citi but upside down like everyone else in Florida. Will plan my strategy after 341 meeting 9/18/09.

[StartingOver08]

Fantastic news Relief! Hopefully Citi will accept your offer soon....

[logansdad]

Any updates.....................

[Bubblebowl]

Could use info to reach out to Citi as well Relief. Thanks very much and good luck.

[HOMEBODY]

Hi Relief..

Can you tell me if this offer to pay the HELOC is based on you paying them cash or will they just rewrite the loan to show 10% and have you make payments on that...just need to know.

[HHM]

Hi Relief..

Can you tell me if this offer to pay the HELOC is based on you paying them cash or will they just rewrite the loan to show 10% and have you make payments on that...just need to know.

It is cash out of pocket, lump sum offer. The goal of settlement is to pay a small amount to have the lender remove the lien (security interest).

Keep in mind, as was explained in the blog post I pointed you to in the other thread, the only reason this settlement is going to work is because Relief filed BK 7 and was discharged. To my knowledge, I haven't heard of anyone successfully negotiating a lump sum cash payment to remove an inferior mortgage outside of the short sale scenario.

[Bubblebowl]

Relief filed Chap 7 and kept his home. Its my understanding that there is room for settlement if you Heloc was discharged but you reaffirmed your primary mortgage. Kindly advise, thank you.

9 more days in the 60 day club,