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Hello, I would like to see if someone could give me some advise, I bought a home in 2006 when the market was going crazy my home was forclosed in February of 2009 due to the fact that our financial situation changed, my home value dropped like$100,000,and my mortgage was going up because of an arm loan that we had, we had a first and second mortgage the second mortgage was under my husbands name only secured by our property of course, I checked his credit today and the 2nd mortgage was (charged off-secured) I have no idea what this means and I'm a little scared that their going to come after us and garnish my husbands wages, He will be the sole provider for our family by the end of the year, what should we do we have no other debt other than our credit cards that we are current on and still can afford should we file for bankruptcy...Please someone help!!! The state we live in is ARIZONA

jameshogg · Posted: Mon Nov 09, 2009 11:28 pm Post subject:

Hi mique,

The second lender was unable to recover his dues from the foreclosure. As a result, he has charged off the loan. The collection agency (ca) can sue your husband for the debts. The CA can even garnish your husband's wages. To know about second mortgage charge off, check out the given page:
http://www.mortgagefit.com/know-how/secondloanchargeoff.html

Has the collection agency contacted you for the payments? If yes, then you can try and settle your debts with them rather than filing bankruptcy. If not, then you can let the SOL period to pass off. Once the sol period is over, your creditor will not be able to file a lawsuit against you to recover the dues.

Thanks

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2nd loan charge off