Foreclosure University Forum

Trying to collect on home equity line of credit (Foreclosures)

by noah_s, Saturday, July 20, 2013, 08:49 (1707 days ago)

Our home in San Bernardino County, CA was foreclosed on in 5/12 and now in 7/13 we are receiving calls from a collection agency trying to collect on our home equity line of credit. What can I do?


Trying to collect on home equity line of credit

by foreclosureuniversity ⌂ @, Monday, July 22, 2013, 17:32 (1704 days ago) @ noah_s

You've got a couple different options. Number one, you can settle with them. Most of the time they are looking for a specific amount. In some cases, if you know a good attorney, have them talk to the collection agent because they use a whole different tone when dealing with attorneys. It may cost you upfront, but may be worth it in the end. You can tell them your attorney has advised you to file bankruptcy and that's what you plan on doing. A lot of times they may reduce the amount they will settle for because if bankruptcy is filed most of the time they get nothing. Or you can do nothing and hope a deficiency judgment is not filed.

Good Luck

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