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BOA Tripe Value Offer

Date: Thu, 03/07/2013 - 12:53

Submitted by okterrific23
on Thu, 03/07/2013 - 12:53

Posts: 19 Credits: [Donate]

Total Replies: 7

BOA Tripe Value Offer


Anyone else receive a notice from Bank of America, stating they would triple any payment received by April 15th? And they would continue to triple any payments each month until balance is paid off. Also they would settle for 20% of the balance.


Hi Okterrific23,

A 20% settlement on a delinquent HELOC is quite high. Especially for one that's been delinquent for a few years. If you decide to pursue settlement, offer them 5% of the charged off balance.

Typically they settle HELOC's for 5 - 10%. Hope this helps.


lrhall41

Submitted by Jared Strauss on Sat, 03/09/2013 - 08:24

( Posts: 74 | Credits: )


On another forum they recommend that I don't even bother paying and said it's rare for a HELOC to sue. Especially since the debt is under 20k. Because since its a SOL (Sold Out Junior), they have no leverage. And only agree to 2-5% of balance. I thought the offer they sent me was fair lol, good thing I asked around lol. I was about to counter offer, but now may just wait it out.


lrhall41

Submitted by okterrific23 on Sat, 03/09/2013 - 20:07

( Posts: 19 | Credits: )


This is about a HELOC which was discharged a few years ago. I read on another website that some other people who owed money on their HELOCs got the same letter.


lrhall41

Submitted by okterrific23 on Thu, 03/07/2013 - 21:08

( Posts: 19 | Credits: )