This is my first post in BKForum. I really appreciate HHM and Other senior member's help to other people who are like me.
I owe $30k in HELOC for my investment home in FL that was foreclosed during last week of January. Both the primary and HELOC are with Chase. I started receiving calls from Collection Agencies (CA's) at first from PRS and then from GC from Dec 2009 itself. But, I haven't responded to even one call. Now, the calls from CA's seem to have reduced. It looks like it could be the "silence before storm". I have not decided to go for BK Chapter 13 as I earn $70k and I am doing strategic default as I just have my primary home - 2 loans and pay off credit card debts (making only min. payments for 0% APR for life for $22k in c.cards) and another investment home that will be foreclosed by end of March with the same lender.
My questions are:
a) Is there any chance that I will be let off the hook by CA's and lender? as the 1st loan is foreclosed and this loan is just $30k?
b) If CA decides that this is not collectible, then what's the next course of action by CA or lender?
c) If they prefer to go to Deficiency Judgement, when will I receive summons?
d) Can I wait till recieving summons to make negotiation with CA? Will it be too late?
e) If I receive summons and if I cannot negotiate, then is BK the only option for me to save $30k? or any debt settlement company can help me in settling down for a lower amount like $5,000?
I will really appreciate your help as it's a big help from you guys.
Sincerely thanking you guys again.
I owe $30k in HELOC for my investment home in FL that was foreclosed during last week of January. Both the primary and HELOC are with Chase. I started receiving calls from Collection Agencies (CA's) at first from PRS and then from GC from Dec 2009 itself. But, I haven't responded to even one call. Now, the calls from CA's seem to have reduced. It looks like it could be the "silence before storm". I have not decided to go for BK Chapter 13 as I earn $70k and I am doing strategic default as I just have my primary home - 2 loans and pay off credit card debts (making only min. payments for 0% APR for life for $22k in c.cards) and another investment home that will be foreclosed by end of March with the same lender.
My questions are:
a) Is there any chance that I will be let off the hook by CA's and lender? as the 1st loan is foreclosed and this loan is just $30k?
b) If CA decides that this is not collectible, then what's the next course of action by CA or lender?
c) If they prefer to go to Deficiency Judgement, when will I receive summons?
d) Can I wait till recieving summons to make negotiation with CA? Will it be too late?
e) If I receive summons and if I cannot negotiate, then is BK the only option for me to save $30k? or any debt settlement company can help me in settling down for a lower amount like $5,000?
I will really appreciate your help as it's a big help from you guys.
Sincerely thanking you guys again.