First, thanks to everyone here at CNEt - I've learned so much from reading this board. You all are the greatest! Here's my deal - I had a house which was foreclosed on by the primary lender in August. I think they'll see enough from the sale to clear my debt, so I'm not too worried about them. I also had a HELOC on that house for $25K which I stopped paying at the same time I stopped paying the primary mortgage. The sale price that is on the house now through Fannie Mae will not be enough to pay off any part of this loan. I just got a letter from SunTrust (the HELOC bank) that my loan is being transfered to some internal recovery division. I don't have enough to pay it all off, but I could do some really long-term deal at a couple hundred a month. I've thought about BK 7 but I'd really like to avoid that if possible, as my other CC accounts are in good standing and the foreclosure will fall off before a BK 7 would. Any thoughts about a strategy for the HELOC? I also want to avoid a judgement which would be renewed into perpetuity. I have an attorney, but I want to do my homework first before I let her loose. Thanks! Poochie
Could you try calling SunTrust and working out a deal with them? If you can afford an attorney then you can afford to start paying on this loan.
Re: Re: Ok - help me not screw up!!!!! Do you ever get tired from jumping to conclusions? Poochie - You met with the RE Lawyer yes? What did he say? Are you still contemplating BK? Have you attempted to contact the Internal Recovery Division? It may be time to get creative. Have you checked your state's laws as they pertain to junior loans (2nds, 3rds, etc). Texas is really strange about theirs.
Re: Re: Re: Ok - help me not screw up!!!!! Hey Jlynn - The attorney is not wild about the BK7 route (neither am I!!) because my other accounts are all in good standing and I don't want to reneg and have even more damage to my report. She tried to call SunTrust on my behalf but I need to send them a letter authorizing them to discuss the account with her. I'm going to fax and also mail CRRR. I thought it might be more effective to have her contact the IRD than if I made the call so they didn't try to push me around - I'm uneducated in this area and could shoot myself in the foot. I can and want to start paying this loan off (SoParkDiva - are you bored again and looking to stir things up? Poor thing - try reading a book instead) Before this I was never late on any of the mortgages I have paid over the last 9 years (nor car payments, or credit cards, or student loans, etc). Anyway, I just wanted to see if anyone had any red flags to warn me against. Thanks for your time JLynn! Poochie
Re: Re: Re: Re: Ok - help me not screw up!!!!! Where's my thanks? How about thanking me for taking the time to respond to your post? Sometimes the truth hurts but we need to hear it.
Probably a good idea to let your lawyer handle this - especially if it is going to be a very large deficiency. Just make sure you two are on the same page when it comes to negotiating!
Yes - my thoughts exactly! There are too many things I don't know about and I don't even want to contact them on the phone to discuss - in writing only or through the attorney. Thanks again JLynn - I appreciate all your help on this and other posts. Poochie
