Notice of intent to accelerate on HELOC

[moo]

Received a notice of intent to accelerate on my HELOC today. I am going on 3 months past due on payments. I am so far upside down on my house that if I were to sell it, the HELOC (BOA) would not receive anything.
I am currently going through a modification (in Trial period) on my First mortgage (WellsFargo). Should I be worried about the HELOC-BOA to start forclosure? I have been talking to them at least once a week and told them my story (unemployed for 7 months and working with first mortgage on mod). Each time BOA says there is nothing they can do, but when my first mod is finalized then they MAY be able to help?

Should I even be worring about this HELOC?

[tjs1970]

nope

[RW3]

I just received a notice on my HELOC too, I am underwater by over $100K. The balance on my 1st is almost $70K over the market value of the home. I kind of am worried that they may do something if I don't pay in 30 days, but my gut tells me they won't.

I sent them a letter with a copy of the mod that was done on my 1st attached to it, so I'm interested to see how they respond. My first is owned by Fannie Mae and the servicer is BOA, the 2nd is serviced by Greentree.

[shark66]

They're just trying to scare you into paying IMO...

I had my (at the time) second mortgage holder - GMAC - sending me all types of notices that they were going to start foreclosure proceedings and NADA since they must have known how much the house was underwater...

Ignore the barking. I did.

Good luck.

[Charlie777]

The second lien holder has to buy out the first to be able to sell with clear title. So what would foreclosing do for a second holder where the home has no equity?

I wonder if they are staking out a position to demand consideration in a restructure...

[RW3]

Well I decided to call Greentree yesterday, my loan is in their internal collections dept. I did not get anywhere with them, they want to me to talk to a collections manager now to discuss options. 152 days late now. I'm meeting with an attorney next week to discuss Chapter 13 BK as an option. I just wish they would make this simple and work out a settlement with me...

[pavlikclan]

Ha our second sends us Notice of intent to accelerate at 45 days past due. We usually get one about every other month. They suck!

[RW3]

Thinkin about calling the collections manager this week and discussing settlement meeting with an attorney on Friday to discuss Chapter 13 2nd lien strip. Should I tell The collections manager I am contemplating filing? Will this make them want to settle?

[RW3]

Well I spoke to a collections manager at Greentree this afternoon. He was extremely pleasant. Said there is a SLIM to zero chance they would move to foreclose and more likely move to charge-off the account since I am so far underwater. They have been in contact with the owner of my 1st Bank of America who has explained my Mod was not a HAMP, but in-house, and that Bank of America is looking at other options to possibly lower my payment. He did mention that My 2 mortgage payments combined are over 40% of my income. I mentioned the extremely high interest rate on my loan, and noted on the last "temporary mod they gave me all payments were made on time as they were within my budget.

Asked me what I could afford to pay on a monthly basis and mentioned temporary mod. I told him I wanted a permanent solution. We went over some financials, he also said they were working on a response to my letter in regards to the 2MP. Said there are a lot of folks there looking at my account, guess I got their attention...

I'm meeting with an attorney on Thursday to discuss a lien strip and Chapter 13, I know I will have to follow a payment plan for 5 years but at least the lien will be stripped so I can move if I ever want to without recourse. I really hate the idea of just playing the sit and wait game with this debt. It's a new year I need a clean slate.

Don't know if I would be better off letting them charge-off though, seems they won't negotiate any settlement offer, but may be open to a mod. It seems they want to work with me on a solution.....

[RW3]

Well I spoke to a collections manager at Greentree this afternoon. He was extremely pleasant. Said there is a SLIM to zero chance they would move to foreclose and more likely move to charge-off the account since I am so far underwater. They have been in contact with the owner of my 1st Bank of America who has explained my Mod was not a HAMP, but in-house, and that Bank of America is looking at other options to possibly lower my payment. He did mention that My 2 mortgage payments combined are over 40% of my income. I mentioned the extremely high interest rate on my loan, and noted on the last "temporary mod they gave me all payments were made on time as they were within my budget.

Asked me what I could afford to pay on a monthly basis and mentioned temporary mod. I told him I wanted a permanent solution. We went over some financials, he also said they were working on a response to my letter in regards to the 2MP. Said there are a lot of folks there looking at my account, guess I got their attention...

I'm meeting with an attorney on Thursday to discuss a lien strip and Chapter 13, I know I will have to follow a payment plan for 5 years but at least the lien will be stripped so I can move if I ever want to without recourse. I really hate the idea of just playing the sit and wait game with this debt. It's a new year I need a clean slate.

Don't know if I would be better off letting them charge-off though, seems they won't negotiate any settlement offer, but may be open to a mod. It seems they want to work with me on a solution.....