Posted on: 29th Mar, 2010 04:28 pm
My Heloc has been sent to collection they want to settle the debt at 10c on th dollar, i only got notification from the collector three weeks ago, how much time can i buy before they get a judgment against me and can i trust them when thwy say they will remove the lien?
Hi Manny!
Welcome to forums!
You will have to negotiate with the collection agency and buy some time from them so that you can clear of the dues. Once the collection agency gives you the required time, make sure to pay off the dues within that time period. You can get it in writing from the collection agency that they would remove the lien once you pay off the dues. This will secure your rights and you would be able to ask them to remove the negative item from your credit report.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You will have to negotiate with the collection agency and buy some time from them so that you can clear of the dues. Once the collection agency gives you the required time, make sure to pay off the dues within that time period. You can get it in writing from the collection agency that they would remove the lien once you pay off the dues. This will secure your rights and you would be able to ask them to remove the negative item from your credit report.
Feel free to ask if you've further queries.
Sussane
Thanks for your reply, would you recommend using an attorney to write a contract where by once i've paid them the monies the lien would indeed be removed. The payoff i got from the collector says once paid they will initiate the process to release the existing lien from title. It seems vague and my fear is once paid they may not release the lien.
Welcome Manny,
You can contact an attorney and check out if he is ready assist you in drafting a contract. Once you pay off the lien, you will receive a lien release certificate from them.
You can contact an attorney and check out if he is ready assist you in drafting a contract. Once you pay off the lien, you will receive a lien release certificate from them.