Compare Mortgage Quotes

Guest

My question involves a foreclosure in the State of: Arizona

I bought a house in 2006 end. I bought this in 100% finance, which has 2 mortgages. First one for 275000 and second 69000 approx. Then in 2008, I refinanced first one, which added 15000 as brokerage and other expenses cost. This refinace of first loan I did to convert my interest only loan to principal plus interest loan. Then in end of 2008, I had lot of expenses due to family circustances and tried to negotiate through a negotiator to reduce my loan payment and to get out of second loan. But the negotiator ran away. I could not continue negotiation. My home went on auction for foreclosure at the end of October 2009. I moved to an apartment before the date of trustee sale. I tried short sale also through a real estate agent. It went good with both mortagages, but failed, as the first mortgage company failed to stop the trustee sale before the trustee sale date. I bought both mortgages only at the time of purchase. Now from yesterday, I receive calls from Chase Receivables,CA. But I could not talk with them, as it gets disconnected. So I am not sure whether it's for me and related to the second mortgage. My doubt is , whether these mortgage companies can sue on me OR try to collect the balance money OR Garnishment my wages? I am totally scared now, as I have no other income than my salary to survive with my family .Any help on this is much appreciated and will be more helpful to me. Thanks in advance.
Sairam

jameshogg · Posted: Tue Jul 20, 2010 9:20 pm Post subject:

Hi Sairam,

If the second mortgage dues haven't been paid off in full by you, then the lender has the rights to come after you for it. If you do not pay off the dues, the lender will simply charge off the loan and a collection agency will in turn contact you for the payments. The next time when you receive the call from Chase Receivables, CA, check out what they have to say. If they demand the payments, negotiate with them so that they can lower the amount which can make it affordable for you to pay off the dues.

Thanks

Guest

Thanks Jameshogg.
I have a doubt, as I some of the attorneys told me before this foreclosure happened to me. Since I am in Arizona, will I be eligible for anti deficiency law per Arizona foreclosure law. In that case, can Chase receivbale call me and ask for the money? Thanks
Regards,
Sairam

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Compare Mortgage Quotes

Already foreclosed home in ARIZONA - Second Mortgage reg

Our Community

Community Rewards

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1