Dear Homeowner,
If you quit paying your equity line of credit, and you have
no equity anymore, it’s very likely the loan will be charged
off.
In the short term, that means it’s gone. In the long term,
it’s still a big “what if.”
Will someone buy that chargeoff and come after you some
day? Possibly. Will it just disappear forever? Maybe.
Below is a transcript of a teleconference we did recently
all about this aggressive, still-too-early-to-tell tactic.
Download HELOC Chargeoff Report Here
To your success,
Mike Rockwood
Loan Modification Program
p.s. If you have any experience good or bad with chargeoffs, please let me know. We’re still very leery about recommending this strategy.
