Depends. Do they have an attorney? One of my borrowers got legal aid and it was never ending and was going to go to trial. The idea was that it would cost me so much that I'd give in. They were right. They were going to subpoena servicers, prior owner and anyone else involved. And I'd have to pay the costs. I had the law on my side, but judges don't always follow the law. We gave the defaulted borrower a mod that legal aid approved. He's defaulting again, but he'll have less protection because it's no longer a residential loan and it was approved by his attorney.
Had another in Michigan where we offered forbearance that was rejected. Went to court and the borrower showed up without an attorney. Gave a son story and the judge came up with a FBA. What choice did I have but to accept it. The borrow still didn't pay and we resumed, but the judge had no business getting involved. They do though and they don't all the time.
So what should you expect? What's he done in the past? You should have 9 years of history. I can't believe you are the first to act on the default. Any Pacer reports? Obviously he's a fighter and probably knows the system. A BK is what I would expect. If that doesn't happen and if he has an attorney, maybe a civil suit.
What I wouldn't expect is someone that will just sit there and take it. He's already demonstrated that he won't go down easy.
