Author Topic: Settling A HELOC Debt  (Read 6640 times)

Offline ExGingi

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Re: Settling A HELOC Debt
« Reply #20 on: March 11, 2016, 06:27:50 AM »
I would definitely talk to a debt counselor. You have nothing to lose.
-1
Can lose time!

If the current payments are affordable, I doubt that a debt counselor would help.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline ExGingi

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Re: Settling A HELOC Debt
« Reply #21 on: March 11, 2016, 06:47:49 AM »
Also have a primary mortgage
both the primary mortgage and the HELOC is from CitiBank
So maybe I should stop paying the minimum payment now?
Is the first mortgage a Fannie or Freddie?

Did you try talking to Pinkesz in BP?
I've been waiting over 5 years with bated breath for someone to say that!
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Offline Mordyk

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Re: Settling A HELOC Debt
« Reply #22 on: March 11, 2016, 06:59:34 AM »
I heard that before so what should I do just stop paying it for a few months?
The problem is that it could sometimes take years. I know someone that was in default for three years waiting for those papers to settle, yet the bank was taking their time. All along your credit is getting crushed
#TYH

Offline moko

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Re: Settling A HELOC Debt
« Reply #23 on: March 11, 2016, 07:30:39 AM »
The problem is that it could sometimes take years. I know someone that was in default for three years waiting for those papers to settle, yet the bank was taking their time. All along your credit is getting crushed
gotta look at the trade-off. If he's saving 50k - 75k or more it's probably worth the ruined credit

Offline Mordyk

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Re: Settling A HELOC Debt
« Reply #24 on: March 11, 2016, 08:05:34 AM »
gotta look at the trade-off. If he's saving 50k - 75k or more it's probably worth the ruined credit
You can say that on most people here. If you have $200k+ in credit lines. You can max out cards, not pay, settle for 25% and you still have an extra $150k
#TYH

Offline Shmulie

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Re: Settling A HELOC Debt
« Reply #25 on: March 11, 2016, 08:14:18 AM »
Is the first mortgage a Fannie or Freddie?

Did you try talking to Pinkesz in BP?
Both of them are from Citibank

never heard of him.
All along your credit is getting crushed
Since my father is no longer alive we don't really care what his credit is like

Offline Mordyk

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Re: Settling A HELOC Debt
« Reply #26 on: March 11, 2016, 08:19:54 AM »


Since my father is no longer alive we don't really care what his credit is like
Isn't that the whole issue here. IF your mothers will get damaged as well?
#TYH

Offline Shmulie

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Re: Settling A HELOC Debt
« Reply #27 on: March 11, 2016, 08:27:11 AM »
I think that's a chance I'm willing to take due to the size of the loan

Im hoping that if its not on her credit report now it probably won't be when it gets settled

Offline moko

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Re: Settling A HELOC Debt
« Reply #28 on: March 11, 2016, 08:39:17 AM »
You can say that on most people here. If you have $200k+ in credit lines. You can max out cards, not pay, settle for 25% and you still have an extra $150k
wow . I can't believe that someone would actually equate outright theft/fraud with someone who can't pay because they passed away and the estate can't pay

Offline Mordyk

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Re: Settling A HELOC Debt
« Reply #29 on: March 11, 2016, 08:41:11 AM »
wow . I can't believe that someone would actually equate outright theft/fraud with someone who can't pay because they passed away and the estate can't pay
Nobody mentioned the words cant pay. It seems like the question is if she can get away with it
#TYH

Offline ExGingi

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Re: Settling A HELOC Debt
« Reply #30 on: March 11, 2016, 08:55:57 AM »
I think that's a chance I'm willing to take due to the size of the loan

Im hoping that if its not on her credit report now it probably won't be when it gets settled
I know several good people that helped Yidden save hundreds of thousands (millions collectively) by settling/dealing with debt issues.

There are times in life (I hope no one ever gets there) that a lower credit score can work in your favor.

Bottom line in your case, since both loans are Citi, it's a little more complicated. However if the first is backed by Fannie or Freddie, then it changes the story.

I know that some of the guys that were involved with ChasunaFund.com have helped people deal with mortgages. I also have some other good names. PM for details.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline moko

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Re: Settling A HELOC Debt
« Reply #31 on: March 11, 2016, 09:01:21 AM »
Nobody mentioned the words cant pay. It seems like the question is if she can get away with it

its a very big loan and we really can't afford to pay it off fully I want to try and get most of it forgiven

my father used it for his business and there's no equity in his business to pay it off

Offline Mordyk

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Re: Settling A HELOC Debt
« Reply #32 on: March 11, 2016, 09:02:18 AM »

Sorry i missed that post. Your right
#TYH

Offline Shmulie

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Re: Settling A HELOC Debt
« Reply #33 on: March 11, 2016, 09:22:15 AM »




Bottom line in your case, since both loans are Citi, it's a little more complicated. However if the first is backed by Fannie or Freddie, then it changes the story.

How can I see if its backed by someone else?
What changes if it is?

Offline aygart

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Re: Settling A HELOC Debt
« Reply #34 on: March 11, 2016, 09:29:36 AM »
How can I see if its backed by someone else?
What changes if it is?


That instead of speaking to someone who really understands it you should then speak to someone who really understands it.
Feelings don't care about your facts

Offline ExGingi

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Re: Settling A HELOC Debt
« Reply #35 on: March 11, 2016, 09:35:19 AM »
How can I see if its backed by someone else?
You can look it up on Fannie's and Freddie's respective websites. I don't have the links handy. Just Google Fannie Mae loan lookup, same for a Freddie Mac.

How it makes a difference is beyond the scope of this forum.

Also if you ask enough Yidden in Brooklyn, especially people that have had financial problems in the past 7 years, someone will point you to Pinkesz.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline ExGingi

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Re: Settling A HELOC Debt
« Reply #36 on: March 11, 2016, 09:38:00 AM »
That instead of speaking to someone who really understands it you should then speak to someone who really understands it.
Well, on a different thread I claimed to be able to understand some of the statements or sentences posted on DDF, but this statement is totally out of my comprehension range. Could you please translate to English.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline Shmulie

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Re: Settling A HELOC Debt
« Reply #37 on: March 11, 2016, 09:43:39 AM »
Well, on a different thread I claimed to be able to understand some of the statements or sentences posted on DDF, but this statement is totally out of my comprehension range. Could you please translate to English.
+1 I have no idea what he's saying

Offline aygart

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Re: Settling A HELOC Debt
« Reply #38 on: March 11, 2016, 12:25:49 PM »
Well, on a different thread I claimed to be able to understand some of the statements or sentences posted on DDF, but this statement is totally out of my comprehension range. Could you please translate to English.
+1 I have no idea what he's saying
You guys don't see the difference? Neither do I. Either way the answer is to speak to someone more knowledgeable that you will get given over on this forum. There may be those who know but they are not likely to give over full advice over here.
Feelings don't care about your facts

Offline ExGingi

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Re: Settling A HELOC Debt
« Reply #39 on: March 11, 2016, 12:54:47 PM »
You guys don't see the difference? Neither do I.
It's not about not seeing the difference, it's about being able to understand what you actually said or meant to say. Let me requote what you wrote, so you see where we have a difficulty understanding you.

That [did you mean to write then?] instead of speaking to someone who really understands it [in most languages that I understand that would mean: rather than speaking to someone who has a real understanding of the subject matter, implying that that is something the person you are addressing shouldn't do] you should then speak to someone who really understands it you offer the "correct" alternative of "then" speaking to someone who has real understanding of the subject matter - seemingly the same alternative, so where's the alternative???.

I think that it's OK to express oneself in Yiddish or Hebrew in these forums, there are enough people here well versed in 3 or more languages (myself included) that could translate as a public service. Most people here also understand Yinglish, but I really had a very hard time understanding what you were/are trying to say.

With your followup post, you were very clear in your intent, and it makes a lot of sense. For obvious reason only limited information is posted, but the more the question and some responses are out there, the better of a chance you have to get to where you need to, either with the limited info posted publicly, or via PM.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan