X missed 3 mo of payments on HELOC. Bank said its in collections. What does that mean? What happens now?

Asked by shiny_things77, 04428 Tue Aug 6, 2013

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Ron Thomas, Agent, Fresno, CA
Tue Aug 6, 2013
It means that Mr. X should pick up the phone and call someone:
Maybe the holder of the note on the HELOC would be a good start.
Ya think?
0 votes
Simon Campbe…, Agent, Miami Beach, FL
Tue Aug 6, 2013
If Mr. X did not catch up on the missed payments, even though he is currently making the monthly payments, the lender will send the unpaid amount to collections or they could even file for foreclosure.

What Mr. X needs to do it to pay off the unpaid payments plus late fees and interest to get the loan current. If this is not done quickly, his credit score will be hurt more than it already has been.
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