Bank of America Forgiveness on HELOCS
Posted: Mon Sep 24, 2012 2:24 pm
Hi,
I had a client with a 250K 2nd released. Only about 175K was secured. Some creditors were informed that client had retained a bk attorney before the forgiveness.
Now client wants to try to modify the 1st before filing Bk
Sina.
________________________________
To: cdcbaa@yahoogroups.com
Sent: Monday, September 24, 2012 11:25 AM
Subject: Re: [cdcbaa] Bank of America Forgiveness on HELOCS
Mine is an active chapter 13. Offer received after 2nd DOT had been avoided via LAM.
Unfortunately, it's Judge Johnson so if I have to take anything to the judge, it will probably go the wrong way.
On Sun, Sep 23, 2012 at 6:19 PM, Jim Selth wrote:
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>So far two of our clients have received such a letter on 2nd TD loans, both before any bankruptcy filing. One from Chase and one from BofA. Both letters say the lien will be released. Interestingly, the Chase loan was totally under water but the BofA 2nd was fully secured.
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>Sent from my Verizon Wireless 4G LTE DROID
>
>blc subscriptions wrote:
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>If you have a client that receives one of these on a 2nd that was already wiped out please let me know. I have been asked to look for this scenario.
>
>M. Erik Clark
>
>100 N. Barranca Avenue, Suite 250
>West Covina, CA 91791
>www.blclaw.com
>Office: (626) 332-8600
>Fax: (626) 332-8644
>Board Certified in Consumer Bankruptcy
>American Board of Certification
>
>From:cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com] On Behalf Of Kirk Brennan
>Sent: Saturday, September 22, 2012 9:03 AM
>To: blc subscriptions
>Subject: Re: [cdcbaa] Bank of America Forgiveness on HELOCS
>
>
>Right, they get credit towards compliance on the settlement, and forgive 2nds that are avoided via LAMs anyways.
>On Sep 21, 2012 4:45 PM, "Christine Wilton" wrote:
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>This is likely per the AG Settlement. I've seen Chase do this on their Helocs and it takes time to get that lien released.
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>Christine
>On Fri, Sep 21, 2012 at 4:43 PM, Larry Webb wrote:
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>I have one client email re the same.
>Larry Webb
>On Sep 21, 2012 2:38 PM, "Kenneth Schwartz" wrote:
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>I have just had 3 separate clients forward me letters from Bank of America stating that the Bank has approved full principal forgiveness on their HELOCs. Typical Bank of America, no contact person or address for correspondence given, and the usual voice-tree telephone number that gets you nowhere. My question, what about the recoveyance of the deeds of trust? No mention is made of that in the letters. Is this merely in personam relief? If so, big deal. My clients' BKs already achieved that.
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>--
>Christine A. Wilton, Esq.
>Law Office of Christine A. Wilton
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