Posted: Tue Jan 20, 2009 4:20 pm Post subject: HSBC second mortgage to Sentry collection agency Now what?
We have a 70k 2nd mortgage with HSBC payments were current until recently fell 90 days behind. Was in process of working with HSBC but they wanted a payment. Since we couldn't make a payment hsbc won't work with us and my phone calls are being redirected to Sentry. But HsBC said that they still hold the lein on the house. We are about to file bankruptcy on non secured debt due to husbands job loss. Our first is OK. Can I add the 2nd mortgage (Sentry collections agency) to the list. they are non secured collections because HSBC still holds the lein.. Am I correct?
As far as I know, you will be able to add your mortgage to the bankruptcy. But as you are current in your payments with the first mortgage lender, it would have been better if you can negotiate with HSBC regarding your second.
Thanks
Charlie Guest
Posted: Thu Jan 29, 2009 4:39 pm Post subject: Second Mortgage Charge-Off?
I've recently foreclosed on my investment home in Houston, TX. I had two loans - US BANK 80k; CIT 20k. Before US BANK bought back the home I was getting mail from CIT saying I need to pay the past due balance of 2k and continue to pay the monthly balance. After US BANK bought the home back, I called and they told me that there was no deficiencies and they have the home. I called CIT to make payments arrangements and the agent to me that my account has been "recalled?" It's been 4 months and no one has called and I haven't received any mail? The only new thing I've noticed is CIT "charging off" 18k on my credit report. I have two questions:
- Is US Bank going to send me a 1099-C?
- I'm I also simply waiting for a collection agency to call on behalf of CIT?
It's late-Jan and I haven't gotten any calls, no 1099-C, and I'm pretty worried.
I hope it helps you. _________________ Procrastination is the enemy of your financial success
Eric Mann Guest
Posted: Fri Feb 20, 2009 6:30 pm Post subject: 2nd mortgage in michigan
Hi, I have a 2nd mortgage in michigan (from and 80/20). The house will most likely be forclosed on by the 1st mortgage company, so what happens? I know they will probably sue me, and I intend to retain a lawyer, but what are possible outcomes? They sent me a letter offering to settle it for 65% of what I owe. This sounds high, and I certianly won't do anything without a lawyer helping me. My question is, is 65% a lot? Can they just W-2 me and I'll deal with the IRS on the taxes?
ERic Mann Guest
Posted: Fri Feb 20, 2009 7:10 pm Post subject: re previous query
If the first lender forecloses, the property, he will ask you to pay the deficient amount resulting from the sale of the property. Apart from this, you will have to pay the dues of the second lender as well. If the first lender forgives a certain sum of money, he will send you a 1099-c form. You will have to pay taxes on that forgiven amount.
Thanks
Denise Guest
Posted: Tue Feb 24, 2009 5:56 pm Post subject: 2nd mortgage
My husband and I purchased a house and our 1st mortgage is fine, our second on the other hand is at a high percentage rate and a balloon. We are unable to pay the 2nd & this will be the 1st month we are late on that.We live in AZ and Countrywide(both mortgages are under) will not talk to us until we are late.We just want to refi the 2nd what is the best thing to do?Do we not pay either payment & see what they say?
The lender will not be ready to refinance the property if you are late on your payments. You can contact the lender and refinance both the 1st and the 2nd mortgage into one. This will release you from the liability of paying two mortgage at a time.
However, you should note that in order to refinance the mortgage, your property should have some equity on it. Apart from this, the lender will also check your financial situation and credit before approving a refinance. Moreover, you will have to pay the closing costs when you refinance the mortgages.
Take Care.
Denise Guest
Posted: Wed Feb 25, 2009 5:46 am Post subject: response to answer
There is no equity it is actually at least 90,000 upside down so that isn't an option at all. We are being told from other people that have done this that if 3 months late they may refinance.We are confused and we want to do the best thing we can do with least damage but we are unable to continue paying 2,000/mo for this house.My husband works construction and has worked 1 day in 3 weeks:( .The 2nd was actually to buy the dump truck & start his business.We are really confused.Do we stop paying 1 or both payments and just take a chance or is there a better option? We are trying to avoid losing the house but we don't know the best way to handle this.
I understand your situation. But please do not stress yourself so much.
What I personally feel is, you shouldn't stop paying the 1st mortgage because you can afford it, right? As for the second, try to take up a part time job and accumulate some cash so that you can at least make a payment next month. Hopefully after 1-2 months, the lender will come up with a work out plan in order to help you pay off the mortgage. Somewhere I feel this is quite risky but right now there's no way out as it seems so.
However, I'd suggest you should contact Countrywide again and update them about your financial situation. You can send in a hardship letter stating the reasons for your inability to pay off the second loan. Try it out and see if it works. Keep us updated here and let's see what else we can advise you.
I have received my 1099A from the 1rst mortgage company after my foreclosure. However, I have not received any 1099 from the 2nd mortgage company. I have had a collection agency attempt to call me, however I haven't gotten a chance to speak to them. My property is in AZ. So it sounds like the 2nd mortgage company "charged off" the loan. Can the collection agency now sue me or garnish my wages?
The collection agency will have the rights to collect the dues from you. As far as I know, collection agencies cannot garnish wages or take away the property. However, they can refer the delinquent account to a collection attorney who can file a lawsuit.
Collection agencies can sue you for not paying off the debt. But they can only do so within the SOL (Statute of Limitations) period applicable in the state of Arizona. Most probably it is 5 years for an unpaid mortgage debt. They also have the right to garnish our wages. So, the best thing is to talk to them and find out how much they want you to pay for a settlement of the debt. If you can't pay a lump sum and settle the debt, you may request them to offer you a payment plan so that you can pay off the debt in monthly installments. And of course, you're right, the mortgage has been charged off.
Take a look at what credit charge off is all about, from the information available on this topic.
Posted: Wed Apr 22, 2009 1:24 pm Post subject: chase
i have been trying to get a hardship letter faxed to me so i can tapp into my deferred comp fund so i can make a payment and enrol into the obama program Chase refuses to send me documentation that statea i am 7 months behind an in default of my home and i am scheduled for chargeoff April 30th. I began my inquiry April 6 and still no letter
finally after speaking with customer care and collections and loss mtigation
i find out there is this division called the research dept who handles hardships however there is no phone number to call them only e-mail
this process is backwards Chase won;t help me pay them. All the different dept. don't know about the others
jameshogg
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