Charge off of HELOC
Date: Tue, 08/28/2012 - 16:49
The first mortgage is in loan modification. The HELOC was recently charged off because they did not want to participate in the loan modification.
I just received an unsolicited settlement offer for 40% of the balance which is still more than we have. Should I contact them ad try to negotiate or do I wait 30 days to see if they will offer a lower settlement?
They (Wells) said they may go through other collection remedies if I don't respond in 15 days. Is that usually the case?
I just received an unsolicited settlement offer for 40% of the balance which is still more than we have. Should I contact them ad try to negotiate or do I wait 30 days to see if they will offer a lower settlement?
They (Wells) said they may go through other collection remedies if I don't respond in 15 days. Is that usually the case?
Well, they can't foreclose on it if it's charged off, so basical
Well, they can't foreclose on it if it's charged off, so basically it's just sort of like any outstanding loan at this point. If you're not worried about your credit, then you can risk waiting. Otherwise take the 40%.
