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#1931474 - 06/11/14 04:47 PM Delinquent HELOC and periodic statements
GatorsFan Offline
Member
Joined: Feb 2010
Posts: 64
I'm looking for confirmation on whether or not a periodic statement is needed on a deliquent HELOC. Under 1026.5(b)(2) a periodic statement doesn't need to be sent if we deem the account uncollectible. However, I can't find this in the periodic statement requirement for HELOCs under 1026.7(a).

So are we able to cease sending statements to those HELOCs we deem uncollectible?

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Lending Compliance
#1931482 - 06/11/14 05:10 PM Re: Delinquent HELOC and periodic statements GatorsFan
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,371
Galveston, TX
Sure - at the same time you mail them a 1099-C.
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