Unsecured Debt Collections

In conjunction with our bank negotiation efforts, Equity Experts also offers a service to pursue the previous homeowner after the bank assumes ownership. We found that associations were unnecessarily writing off thousands of dollars in association assessments from prior to the bank’s foreclosure. Equity Experts’ clients are not left with this undesirable option.

Because association assessments are a personal obligation of each homeowner, they are personally liable for all assessments during their ownership of the property. We will aggressively pursue the full balance owed through the following process:

STEP 1: Dunning Letter / Skip-Tracing : Equity Experts will complete a thorough investigation of the debtor including locating their current postal address, social security number, place of employment, and any other affiliations. We will then mail notification to the homeowner informing them of debt owed and requiring them to respond within 30 days.

STEP 2: Constant Contact/Asset Identification/Credit Reporting: Using the information gathered from the prior step, we will begin contacting the homeowner by mailing weekly letters and placing multiple phone calls throughout the week, locate recoverable assets, and report to the Federal Credit Bureaus.

STEP 3: Intent to File Lawsuit: This step encompasses the entire lawsuit process.

(A) Pre-Litigation: We send a final notification to the debtor via both first class and certified mail. The notification informs the debtor of the association's intent to file a lawsuit if they do not respond within 15 days.

(B) Litigation Filing: An attorney working on behalf of the association files the complaint. If the debtor or their attorney contacts us prior to the scheduled hearing, we will conduct settlement negotiations.

(C) Trial:  The attorney will appear in court to begin the case. In most instances, the defendant will not show up, resulting in a default judgment. If the defendant does appear, they will proceed to trial if necessary.

(D) Judgment: Once the judgment is obtained, we will take the necessary steps to collect on the judgment, which may include garnishment of wages or bank accounts, as well as recording a judgment lien and attaching it to any recoverable assets.

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