Foreclosure University Forum


request for default (Home Equity Lines of Credit)

by foreclosureuniversity ⌂ @, Thursday, March 06, 2014, 20:09 (2216 days ago) @ pcaraballo
edited by foreclosureuniversity, Thursday, March 06, 2014, 20:24

I don't think I would ignore it completely. Based on what your accountant said, it sounds like they are issuing you a 1099 which counts as income to you. But based on what you said, I don't think this is the case. It sounds like your lender is in the final stages of getting a judgment against you. If it's a 1099, your accountant can help you so that you don't have to pay taxes on that amount. If it's a judgment, then you should not ignore it. They are looking to collect money from you and if you do nothing, it can eventually lead to wage garnishment. But before it gets to that point, you can try to workout a settlement with them. If they don't settle with you, a good attorney can help you settle with them for pennies on the dollar. You can also develop a payment plan if they agree to it. If none of those options work, or you are just no way able to come up with the money they are asking for, then another option is to file bankruptcy which will wipe out the judgment completely. That would be worst case scenario.

Good Luck

HELOC, 1099, judgment

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  • request for default - pcaraballo, 2013-12-13, 14:02 [*]
    • request for default - foreclosureuniversity, 2014-03-06, 20:09

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