Posted on: 10th Mar, 2011 09:18 pm
I had a heloc and my home that went into foreclosure. I thought the bank would absorb the 2nd. I just received my bank statement reflecting that my heloc has been charged off. One day later a collection agency called me advising me that the bank will not take anything less that 70%. Or 2 other options 1 was paying 17,000.00 or 2nd paying 15,000 both in full. Is there a point when these CAs and or the bank can garnish my wages or accounts to recover monies that are owed?
If the CA gets a judgment from the court, then he can garnish your wages or place a lien on your other personal property. You should negotiate with the CA and try to pay them of.