I have been unemployed since last summer and must move from my rural location to a larger city / state in order to successfully find work. I'm current on both my first and HELOC. I've decided to stop making payments on my first this month (May). The house is for sale and could possibly get what I owe on the first and the realtor fees. The second is the question.
On several posts I've read that HELOC lenders press hard because in foreclosure they get bupkiss. Additionally, I've read thhat SOME people have claimed / recommended that they have settled with their HELOC lender for 10 - 20% of the balance due. Has anyone successfully negotiated with their HELOC lender PRIOR to foreclosure?
"Mr. Bank MGR, my house is for sale, I've stopped paying my first and owe you $60k. I've been unemployed for 1 year and have $150k in additional debt (I think I can pay that with the sale of a business partnership I'm in). I want to offer you $12k in cash right now. What do you say?"
Any thoughts, experience or ???? BTW, the HELOC is with US Bank (and the first is with a different bank) if that makes any difference.
Thanks!
On several posts I've read that HELOC lenders press hard because in foreclosure they get bupkiss. Additionally, I've read thhat SOME people have claimed / recommended that they have settled with their HELOC lender for 10 - 20% of the balance due. Has anyone successfully negotiated with their HELOC lender PRIOR to foreclosure?
"Mr. Bank MGR, my house is for sale, I've stopped paying my first and owe you $60k. I've been unemployed for 1 year and have $150k in additional debt (I think I can pay that with the sale of a business partnership I'm in). I want to offer you $12k in cash right now. What do you say?"
Any thoughts, experience or ???? BTW, the HELOC is with US Bank (and the first is with a different bank) if that makes any difference.
Thanks!
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