Foreclosure University Forum

HELOC write off (Home Equity Lines of Credit)

by Colo gramma, Friday, April 18, 2014, 09:11 (2173 days ago)

Thank you so much for what you are doing to help people. I lost my home in Virginia to foreclosure in Nov 2009. I tried for 19 months to do a loan modification, which Countrywide said I qualified under hardship requirements. Never got approved, just reassigned. Then I tried to do shortsale. Presented them with 5 contracts, two where for cash for $350,000 on a $419,000 loan. But bank would never except offer and close. I had a HELOC for $52,000 which is now reported as a write off. I made the last payment on HELOC in Jan. 2008. Is the HELOC past the SOL and what should I do now? I owe very little because I can't afford payments. I am now 65yrs old and living from paycheck to paycheck. I want to refiance the house I am in now, while I am still able to work, but credit score is low, approx. 680. I just found out about the HELOC write off two days ago and from reading your blog I realize I have to do something about the write off. Thanks for your help!

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