Settlement of HELOC

Credit and mortgage advice Forums Consumer Credit Settlement of HELOC

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    • #231211
      Anonymous
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      We had to move to another state due to my husband’s job.* We were upside down on our mortgage.* After 5 months we finally had an offer.* It was enough to payoff the first mortgage but not the HELOC.* We settled on an amount less than owed with the bank.* Just wondering if anyone knows how that will affect our credit,* if it’s looked at the same way*as a*short sale.* The one good thing about the settlement is that we were required to stay current with the HELOC payments*until the account was settled, so*there*shouldn’t be any negative reports of us being late.* *(My fico was 810 and my husband’s was 780… I know this since we just bought another house.* )** THANKS!!!!



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