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I was behind on my payments with Penfed on a loan I took out in 2008 and they refinanced my HELOC by incorporating the closing fees and late interest into a new HELOC in May of 2010, which since it was the only loan on my property is in a first lien position. Even though they did it as a HELOC, they closed the line of credit. My balance is $85,000.00 which is the original amount refinanced. The property has lost value and is worth about $52,000.00. Since LTV is upside down I want to approach Penfed from a position of leverage and rework the loan with a lower loan amount. I am current on my payments for this HELOC so it's not like I have to hurry and do something to prevent foreclosure. I looked at the promissory note and they mention MERS once in there but there is no 18 digit MERS identification number and I can't find where this note was securitized when I entered my SS # and address on Freddie Mac and Fannie Mae websites while searching for my note. Does anybody know if lenders securitize HELOC's, and especially HELOC's that are in a 1st Lien position? I don't know if Penfed services their own loans as a credit union but if I can find out Penfed had MERS involved with this, I should be able to uncover some fraud which would give me the leverage I need to negotiate with them on lowering the balance owed.