Posted on: 31st Mar, 2010 03:50 pm
I did a short sale on a home end of January 2010. There was a HELOC on the home from B of A the balance is 77,000 My question is should I call them and inquire on what we can do or wait for them to send me some form letter asking me to contact them? I could probable afford to send them 500.00 a month in payments but I could not come up with any more then about 5,000.00 in cash. If they would take payments with no interest this would take almost 13 years to pay off. Or should I talk to a lawyer?
Thanks for any help.
Thanks for any help.
Hi tlolesen!
Welcome to forums!
As the property has been short sold by your lender, there are chances that your second lender (BofA) may have charged off the HELOC. I would suggest you to contact your lender immediately and check out the status of the account. If your loan has been charged off, then you can contact the collection agency and negotiate with them for the payments. If the lender has not charged off the loan, then you can negotiate with them and ask for an affordable payment plan to pay off the dues. You can also request your lender to forgive the dues, if possible.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As the property has been short sold by your lender, there are chances that your second lender (BofA) may have charged off the HELOC. I would suggest you to contact your lender immediately and check out the status of the account. If your loan has been charged off, then you can contact the collection agency and negotiate with them for the payments. If the lender has not charged off the loan, then you can negotiate with them and ask for an affordable payment plan to pay off the dues. You can also request your lender to forgive the dues, if possible.
Feel free to ask if you've further queries.
Sussane