Chase Loan Mod on First Success, How to Handle HELOC with Wells Fargo in California

After 28 long months and six denials, a plea letter to the Chase executive offices in South Carolina sent to every executive at exactly 4 a.m. PST on a Monday morning, turned the certain sale or loss of our home around and we have successfully comopleted for loan modification on our first and we will be in our home until we drop dead in the place! The modification terms shocked us as they were better than we ever expected and we know that regardless of how many part-time jobs we will have to take on in the future, our family is finally 'home'.

My question is in regard to our closed Wells Fargo HELOC.We have been 120 days late but current on our Wells Fargo HELOC for the past year. During this time, the value of our home (here comes a shocker) has continued to decline. Chase in their loan mod used a BPO of $940k even after they had paperwork that we had our tax assessment changed last year from $1.1M to $820k. Given the sales in our area and trends, we have applied for re-assessment again for this year to bring our home value down the reality which we believe is $750k given the sales comps. Our modified first with Chase is $725k. Our HELOC balance is $128k. What can I expect or what should I do with our HELOC?

Any suggestions or input on dealing with Wells Fargo would be greatly appreciated and I will be happy to share details on our Chase success with anyone interested.

Unfortunately, as you know, different bank, different policies. In a sense it would have been better to deal with the HELOC first, as if they were completely unsecured they may have been more likely to negotiate. As it stands, they may believe that the loan is partially or even fully secured.