Posted on: 12th Dec, 2010 12:22 pm
I have a rental property in Alabama that has a 1st and 2nd with Wells Fargo. The 1st has already foreclosed on the property. The HELOC dept. told me that they were going to "charge off" the 2nd loan, but they used their "Right to set off" and pulled out the money I owed from my checking account to make the loan current. I no longer keep money in that account so they can't get to it and am now 3 months late. I do have other HELOC and mortgages with Wells Fargo. Should I try to renegotiate the $12,000 2nd or let it go to charge off?
Welcome jeripar,
You should first and try to negotiate with the lender in order to get a payment plan to pay off the dues. If the lender does not agree to it, then he will charge off the account and may assign it to a collection agency. This doesn't mean that your dues have been forgiven. The collection agency can harass you for the payments.
You should first and try to negotiate with the lender in order to get a payment plan to pay off the dues. If the lender does not agree to it, then he will charge off the account and may assign it to a collection agency. This doesn't mean that your dues have been forgiven. The collection agency can harass you for the payments.