https://ficoforums.myfico.com/t5/Bankruptcy/HELOC-after-BR7/m-p/4752828#M43464 <P>Hi folks, new to the board, wish I had found it sooner.&nbsp; My 341 hearin is tomorrow, and I feel pretty good about it, not nervous yet lol.&nbsp; I think my situationis pretty straightfoward, but I could use some advise regarding my HELOC.&nbsp; The HELOC is with a large credit union.&nbsp; I also have a car I would like to keep and a CC I'm going to burn with this CU.&nbsp; The CU has already closed my checking account and killed my online account access.&nbsp; So, I've got a mortage on my house which is right at being under water.&nbsp; The house appraised for 145K but no way would it sell for anything over 115K.&nbsp; Better houses in the same neighborhood arent moving at the 120K-130K level.&nbsp; My mortage balance is $113K.&nbsp; My lawyer says I will basically have to testify that the house isnt worth that in real world dollars.&nbsp; I dont have a problem keeping the mortage.&nbsp; The HELOC is for 28K.&nbsp; I do not want to reaffirm this HELOC.&nbsp; I would rather move...thing is, I've got a large family and finding an available house/apt in the area has not is proving pretty hard. I could do a 401K withdrawl and settle the heloc for 10K or under, but My lawyer says she has never seen the CU settle for one dime less than is owed.&nbsp; I've also read that for a HELOC or 2nd mortage, that bank has to pay off first mortage (which is current) in order to foreclose.&nbsp; I cant see the sense in a CU paying 113K to buy the mortage and then selling the property for 115K or less.&nbsp; Seems like a loosing proposistion to me.&nbsp; I'm thinking of just stopping payments on the HELOC and seeing what happens, with the hope that in a few years I could settle for pennies on the dollar.&nbsp; Any advise in this area?</P> Thu, 22 Sep 2016 15:46:08 GMT Anonymous 2016-09-22T15:46:08Z https://ficoforums.myfico.com/t5/Bankruptcy/HELOC-after-BR7/m-p/4752828#M43464 <P>Hi folks, new to the board, wish I had found it sooner.&nbsp; My 341 hearin is tomorrow, and I feel pretty good about it, not nervous yet lol.&nbsp; I think my situationis pretty straightfoward, but I could use some advise regarding my HELOC.&nbsp; The HELOC is with a large credit union.&nbsp; I also have a car I would like to keep and a CC I'm going to burn with this CU.&nbsp; The CU has already closed my checking account and killed my online account access.&nbsp; So, I've got a mortage on my house which is right at being under water.&nbsp; The house appraised for 145K but no way would it sell for anything over 115K.&nbsp; Better houses in the same neighborhood arent moving at the 120K-130K level.&nbsp; My mortage balance is $113K.&nbsp; My lawyer says I will basically have to testify that the house isnt worth that in real world dollars.&nbsp; I dont have a problem keeping the mortage.&nbsp; The HELOC is for 28K.&nbsp; I do not want to reaffirm this HELOC.&nbsp; I would rather move...thing is, I've got a large family and finding an available house/apt in the area has not is proving pretty hard. I could do a 401K withdrawl and settle the heloc for 10K or under, but My lawyer says she has never seen the CU settle for one dime less than is owed.&nbsp; I've also read that for a HELOC or 2nd mortage, that bank has to pay off first mortage (which is current) in order to foreclose.&nbsp; I cant see the sense in a CU paying 113K to buy the mortage and then selling the property for 115K or less.&nbsp; Seems like a loosing proposistion to me.&nbsp; I'm thinking of just stopping payments on the HELOC and seeing what happens, with the hope that in a few years I could settle for pennies on the dollar.&nbsp; Any advise in this area?</P> Thu, 22 Sep 2016 15:46:08 GMT https://ficoforums.myfico.com/t5/Bankruptcy/HELOC-after-BR7/m-p/4752828#M43464 Anonymous 2016-09-22T15:46:08Z