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Heloc s.o.l.

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  • Heloc s.o.l.

    Had a HELOC that was charged off in May 2009 and is listed on my Credit Report as of course Negative. Now all of the sudden some
    bottom feeder Collection Agency is sending me letters, even willing to "settle" an amount. So I know this should be off my CR by 2016,
    and as it's aleady on my CR as negative the damage is done.

    Should I bother with the collection agency? Send them a "cease and desist" letter? Is there a S.O.L. in NC on HELOC loans?

  • #2
    Best to just ignore them. They will stop eventually. If you respond they are liable to not let up.

    Comment


    • #3
      You can also send a C & D letter with a copy of your Discharge Order. You may want to cc your attorney and trustee. Send by certified mail with a return receipt.
      "To go bravely forward is to invite a miracle."

      "Worry is the darkroom where negatives are formed."

      Comment


      • #4
        What everyone else failed to ask or mention is the fact that although the HELOC has a statute of limitations with regard to collecting from YOU personally, the HELOC lien on the property has no expiration date. Thus, unless you have surrendered (or plan on surrendering) the house to foreclosure, you probably should settle the HELOC sooner rather than later. Otherwise, what will happen is that once you have paid down the balance on the first mortgage to the point that there is some equity, suddenly whoever owns the HELOC debt at that point in time will threaten to foreclose, and they may not be willing to offer a very generous discount by then.

        Comment


        • #5
          Originally posted by AngelinaCat View Post
          You can also send a C & D letter with a copy of your Discharge Order. You may want to cc your attorney and trustee. Send by certified mail with a return receipt.

          Hi Angelina- Unfortunately I did not get a discharge. The Trustee put an AP on us and I had to agree not to seek a
          discharge to have the AP removed.

          Comment


          • #6
            Originally posted by bcohen View Post
            What everyone else failed to ask or mention is the fact that although the HELOC has a statute of limitations with regard to collecting from YOU personally, the HELOC lien on the property has no expiration date. Thus, unless you have surrendered (or plan on surrendering) the house to foreclosure, you probably should settle the HELOC sooner rather than later. Otherwise, what will happen is that once you have paid down the balance on the first mortgage to the point that there is some equity, suddenly whoever owns the HELOC debt at that point in time will threaten to foreclose, and they may not be willing to offer a very generous discount by then.

            Thanks for some good input bc. I am not surrendering my house and my 1st mortgage is up to date. That 1st would be
            in front of the HELOC. Would they still attempt to foreclose on a small amount and with a first in front of them?

            Comment


            • #7
              Originally posted by faroff View Post
              Hi Angelina- Unfortunately I did not get a discharge. The Trustee put an AP on us and I had to agree not to seek a
              discharge to have the AP removed.
              What was the trustee objecting to?
              "To go bravely forward is to invite a miracle."

              "Worry is the darkroom where negatives are formed."

              Comment


              • #8
                Originally posted by AngelinaCat View Post
                What was the trustee objecting to?

                Right before the 341 meeting I had a rental property that was foreclosed on QC Deeded back to me by
                the bank. I had no idea and neither did our attorney. Trustee felt I was trying to hide this property which I of
                course was not. So I did not get my discharge. Fortunately many of the debts are falling off due to the S.O.L.
                I just have to bide my time.

                Comment


                • #9
                  Originally posted by faroff View Post
                  Had a HELOC that was charged off in May 2009 and is listed on my Credit Report as of course Negative. Now all of the sudden some
                  bottom feeder Collection Agency is sending me letters, even willing to "settle" an amount. So I know this should be off my CR by 2016,
                  and as it's aleady on my CR as negative the damage is done.

                  Should I bother with the collection agency? Send them a "cease and desist" letter? Is there a S.O.L. in NC on HELOC loans?
                  The SOL on debt in NC is three years. So no one can collect unless they got a judgement before the SOL ran out. Just ignore it.

                  Comment


                  • #10
                    Originally posted by kilowatt View Post
                    The SOL on debt in NC is three years. So no one can collect unless they got a judgement before the SOL ran out. Just ignore it.

                    Hi kilowatt, yes on credit cards,etc. the SOL is 3 years in NC, but on a Promissory note,which I believe this is,
                    it's 5 years. 2014 makes 5 years.

                    Comment


                    • #11
                      Originally posted by faroff View Post
                      Thanks for some good input bc. I am not surrendering my house and my 1st mortgage is up to date. That 1st would be
                      in front of the HELOC. Would they still attempt to foreclose on a small amount and with a first in front of them?
                      Someday, you will paydown the 1st enough to provide equity for the 2nd. The current owner of the 2nd will likely foreclose when there is enough equity to pay off the first and pay foreclosure expenses with enough left for them to make a profit over the discounted price they paid for the loan. If you don't want to risk that happening, you should consider settling.

                      Originally posted by faroff View Post
                      Hi kilowatt, yes on credit cards,etc. the SOL is 3 years in NC, but on a Promissory note,which I believe this is,
                      it's 5 years. 2014 makes 5 years.
                      As bcohen pointed out, there is no SOL on the right to enforce the lien through foreclosure.
                      Last edited by LadyInTheRed; 02-03-2014, 05:57 PM.
                      LadyInTheRed is in the black!
                      Filed Chap 13 April 2010. Discharged May 2015.
                      $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

                      Comment


                      • #12
                        Originally posted by LadyInTheRed View Post
                        Someday, you will paydown the 1st enough to provide equity for the 2nd. The current owner of the 2nd will likely foreclose when there is enough equity to pay off the first and pay foreclosure expenses with enough left for them to make a profit over the discounted price they paid for the loan. If you don't want to risk that happening, you should consider settling.



                        As bcohen pointed out, there is no SOL on the right to enforce the lien through foreclosure.



                        Hi Lady- I appreciate your comments and understand what you are saying. Today I received my insurance
                        bill (Homeowners) and it listed my primary Mortgage holder,BOA, and 2 others, BUT Chase (the company this Collection
                        Agency "represents") was not on there. I just find it hard to comprehend that a legitimate bank like Chase that had a
                        HELOC loan is resorting to a bottom feeder 3rd party Collection Agency. They initially said the debt was $70K but willing
                        to settle for $14K??? At this point, with all the hell I've been through, what little money I have I just can't afford to give
                        to a bottom feeder collection agency and take my chances. Please understand I am certainly not making light of your
                        comments, I just now have to cross each bridge as it comes.

                        Comment

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