Posted on: 26th Jan, 2011 11:09 am
We just closed on a DIL for our 1st. We had a HELOC that the 1st agreed to pay 5600.00 on. We owed 95000.00 on it. I'm quite sure there will be a deficiency that everyone has told us they won't pursue, however they would not put it in writing. We are most worried about how they will collect the HELOC. Will it go through a judgment process or will it just go to a collection agency? It is showing as "charge off" on our credit. Also, no one at BOA (1st and 2nd holders) seems to know how much is owed. We need to know how long this will be hanging over our head and for how much? Thanks BTW:Florida
Hi zephyroaksts!
Welcome to forums!
There are high chances that if there is a deficiency, the second lender will sold off the account to a collection agency. Before it is sold off to a collection agency, it will be better if you could pay off the deficient amount and get rid of the debt.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
There are high chances that if there is a deficiency, the second lender will sold off the account to a collection agency. Before it is sold off to a collection agency, it will be better if you could pay off the deficient amount and get rid of the debt.
Feel free to ask if you've further queries.
Sussane