I have an outstanding HELOC,for which the Primary mortgage is paid and I am in possession of the Deed. I have not made payments on the HELOC since '08. I have received NOD only today, stating that the balance (34k)is due in 30 days. No other contact from lender until now. What to do?
Sounds like you're getting started on this pretty late, but your best bet is to contact the lender who sent you the NOD and see if they are willing to give you any wiggle room on the past due balance. Depending on where you live, they may have to get a judicial order prior to foreclosure, which would slow the process down some. Can tell you that having a smaller mortgage/heloc as you do, might actually motivate the lender to initiate foreclosure proceedings sooner since you presumably have more equity. You need to contact the person listed on that default notice, and do so pronto while there may still be hope of resolving your situation. Good luck, Ted