Have a client who decided to let there home foreclose and the HELOC's turning into an open collection after foreclosure? that had a home equity line of credit? Did that HELOC unattached from the property and go after your client now its in collections? Its happening all the time. So now not only does your client have a foreclosure on there credit but now they have a HELOC that was sold to a collection agency for pennies on the dollar harassing them and continuing to drag their credit through the mud.
Here are there options:
-Pay it off
-Do nothing! There credit will be continued to be destroyed and never recover effecting there credit card limits, ability to purchase a new home, car, insurance premiums, etc.
-File Bankruptcy- Now they have a foreclosure, a collection, and now a bankruptcy.
-Have a debt settlement company handle it for you. They can typically negotiate your debt down around 60 cents on the dollar and work out a payment plan with them to get it taken care of for you avoiding bankruptcy. This is the quickest and most painless way to handle it. I've partnered with a dept settlement company that can handle this along with any other unsecured debt your clients may have.
Visit my website online for more information or for a free quote. www.avoidbkandforeclosure.com