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.
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!
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