settlement

Date: Mon, 12/27/2010 - 14:51

Submitted by anonymous
on Mon, 12/27/2010 - 14:51

Posts: 202330 Credits: [Donate]

Total Replies: 3

I have a collections letter from gc services for a home equity line of credit on a home that was foreclosed. I am tempted to offer a $1500 settlement on a $103,000 balance due. Do you think they have the authority to accept? Should I try it. They have not been contacting me in the lease so I don't want stir up any trouble.

Oh, I think they have the authority but probably not the will.

Oh, I think they have the authority but probably not the will. GC could either be the owner or the servicer of the debt. They pay handsomely for heloc debt and it is my understanding that it takes 50% to settle with them. So I am guessing 1% or so would not impress them. In my State, they can collect for 20 years on a judgment. So there is little to stop them from just filing and obtaining one, and then waiting until things improve for you to hammer you with the full amount plus interest and legal fees. You are best to try to settle, but will likely need to do much better on your offer. Bankruptcy may be your answer.

lrhall41

Submitted by dantheman on Mon, 12/27/2010 - 15:31

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It is my bet that GC is simply the servicer.

lrhall41

Submitted by SOAPLADY on Mon, 12/27/2010 - 15:43

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I recently read that GC is also a substantial buyer of HELOC deb

I recently read that GC is also a substantial buyer of HELOC debt.

lrhall41

Submitted by dantheman on Mon, 12/27/2010 - 15:50

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