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Charge off of HELOC

Date: Tue, 08/28/2012 - 16:49

Submitted by anonymous
on Tue, 08/28/2012 - 16:49

Posts: 202330 Credits: [Donate]

Total Replies: 1


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?