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Permalink Reply by Doug McVinua on April 5, 2011 at 2:15pm

My last Chase HELOC went to Chase collections and was released after the sellers filed chapter 7 BK.  Once the sellers went 6 months late Chase moved it too collections and forward progress was halted.  I had a verbal full release from Chase Short Sale with 15%, 6 months late hit before I got it in writing, Chase moved the file to collections and collections was never willing to offer full release for less than 50%. Seller filed BK and wiped them out.

 

Property is now back on the market for $35,000 less than cash buyer was willing to pay before and no offers this time.

Permalink Reply by Dianne Slutsky on April 5, 2011 at 5:16pm

I have never heard of anyone getting a full release on a Chase HELOC.  The best I have experienced is 15% of the loan amount.  Several of my sellers have had to do a bankruptcy and even after the debt is discharged, the lien still remains and they are still almost impossible to work with.  I will be interested to hear other agent comments in negotiating a lien release after a bankruptcy discharge.  Good luck!