Posted on: 25th Aug, 2010 06:36 pm
If your Heloc goes to a collection agency, can the mortgage servicer still pursue a foreclosure at any time? If you do not pay the CA, and they pursue a deficiency judgement, can your wages be garnished if you have no assests? Has anyone been able to settle a Chase Heloc with a CA? If so, what percent on the dollar were you able to settle?
Hi MC!
Welcome to forums!
If the mortgage lender has assigned the account to a collection agency, then he won't be able to pursue foreclosure. However, if the account has not been sold off to the CA, then the lender can sue you for the deficient balance. It will depend upon your lender or the CA as to what amount they would settle the debt for.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the mortgage lender has assigned the account to a collection agency, then he won't be able to pursue foreclosure. However, if the account has not been sold off to the CA, then the lender can sue you for the deficient balance. It will depend upon your lender or the CA as to what amount they would settle the debt for.
Feel free to ask if you've further queries.
Sussane
Can the CA also sue your for the balance. If so, can the court garnish wages if there was no clause in the promissory note to allow garnishment? Lastly, if they sue you and place a lien on your primary home, will the lien expire (statute of limitations) after 20 years?
Hi MC,
The CA has the rights to come after you for the deficient balance when the lender sells off the account to a collection agency. The court can garnish wages though the promissory note did not have a clause regarding the same. If the lender does not receive the dues in full, he can file a lawsuit against you to garnish your wages. The lien will not expire after 20 years. However, after the statute of limitations is over, the CA will not be able to sue you for the debts.
The CA has the rights to come after you for the deficient balance when the lender sells off the account to a collection agency. The court can garnish wages though the promissory note did not have a clause regarding the same. If the lender does not receive the dues in full, he can file a lawsuit against you to garnish your wages. The lien will not expire after 20 years. However, after the statute of limitations is over, the CA will not be able to sue you for the debts.