[WSBAPT] PC Question re HELOC

[Bryce Dille]

If the present interest rate is low compared to present lending rate the lender may be willing to take some discount on payoff so that money can be relent at current higher rates rather than continuing to get relatively low interest on the loan at original rate I would assume it worth a shot. Only can say no but client is in better position if it is current on the loan when proposal is made.

Bryce H. Dille
Dille Law, PLLC
2010 Caton Way SW Ste. 101
Olympia, WA 98502
Office: 360-350-0270
Cell: 253-579-5561

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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Jeff at bellanddavispllc.com
Sent: Wednesday, December 14, 2022 9:42 AM
To: 'WSBA Probate & Trust Listserv' <wsbapt at lists.wsbarppt.com>
Subject: Re: [WSBAPT] PC Question re HELOC

I have never had a lender compromise their debt in the situation you face.  I gather there is no other debt against the property and your client does not live there.  The lender has no motivation to compromise and will get 100% of their loan, with foreclosure costs, if forced to collect.

Jeff

W. Jeff Davis
BELL & DAVIS PLLC
Attorneys at Law
P.O. Box 510
720 E. Washington Street, Suite 105
Sequim WA 98382
Phone: (360) 683.1129
Fax: (360) 683.1258
email: jeff at bellanddavispllc.com<mailto:jeff at bellanddavispllc.com>
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From: wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com> <wsbapt-bounces at lists.wsbarppt.com<mailto:wsbapt-bounces at lists.wsbarppt.com>> On Behalf Of Inge Fordham
Sent: Wednesday, December 14, 2022 9:28 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com<mailto:wsbapt at lists.wsbarppt.com>>
Subject: [WSBAPT] PC Question re HELOC

Colleagues,

A PC contacted me regarding real property she inherited via her father’s revocable living trust.  The property is encumbered by a HELOC that was taken out by the decedent prior to death.  There is equity in the property.  No other financial encumbrances.  No probate.  Until recently, she was making payments on the HELOC.  She ceased making payments because she thought it might trigger some offer from the lender to settle the debt.  PC wants to know whether she can negotiate with the lender (Wells Fargo) to settle the HELOC for less than the total payoff amount.  My initial thought is that Wells Fargo has little incentive to accept less than the full payoff amount because it has a secured interest in the property and the estate is fully solvent.  In my experience, larger institutions are less likely to negotiate.  Does anyone have any experience with negotiating with a lender to settle a HELOC for less than the total payoff amount?

Thank you,


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Inge A. Fordham | Attorney
Fordham Law, PLLC
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Office: (253) 348-2657 | Mobile: (206) 778-3131
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