Selling after bankruptcy and HELOC

[redfox5]

I filed chapter 7 and it was discharged in Jan 2017. I did not reaffirm either a first or the HELOC on the property. The property is only worth about what is owed on the first mortgage. Will I have trouble selling as the HELOC bank still has a claim? (I assume so). More importantly, is there anything I can do to remedy this? I have approached the HELOC bank about a settlement and got no response. Any advice appreciated. Thanks in advance

 

[Whoops2u]

I'm not sure why you'd sell the property if it is worth less than the amount of secured debt on it. Why wouldn't you let them foreclose instead?

As to the note holder, I see no reason why they would allow you to strip out their security unless you give them enough money to make it worth their while.

 

[redfox5]

I'm not sure why you'd sell the property if it is worth less than the amount of secured debt on it. Why wouldn't you let them foreclose instead?

As to the note holder, I see no reason why they would allow you to strip out their security unless you give them enough money to make it worth their while.

My current mortgage was a interest only which has converted now to interest and principal making the payments double what they were. I would rather not restart the clock on being eligible for a new mortgage through foreclosure as I am nearing the 2 year mark and will be FHA eligible.

Any thoughts on what percent the HELOC bank would take to settle?