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how long will the 2nd mortgage keep my account open after foreclosure by first

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jaberle Joined: 22 Feb 2009 Posts: 2 1.67 Dollars($)	Posted: Fri Apr 16, 2010 9:31 pm    Post subject: how long will the 2nd mortgage keep my account open after fo Like 0 Dislike 0 Hi, In October 2009, our second home was foreclosed by the first mortgage in CA. The 2nd loan from Citi is still an open account even though no payment has been made in 16 months. How long, typically, will they keep this as an open account. What can I do to expedite the closing of this account, or it best to just sit back and wait. thanks for the help.
sara Moderator Joined: 05 Jul 2006 Posts: 2694 Location: New Brunswick, New Jersey 496.42 Dollars($)	Posted: Mon Apr 19, 2010 3:32 am    Post subject: Like 0 Dislike 0 Hi jaberle, The second lender will have the rights to collect the dues from you. You should check out whether or not the lender has charged off the mortgage. If the lender has not charged off the account, then you can negotiate with them and request them to forgive the debts or reduce the amount so that you can pay it off. If the lender has charged off the loan, then you would be liable for negotiating the dues with the collection agency. Take care. _________________ Find me at FB: http://www.facebook.com/people/Sara-Jones/100002976822020
Guest	Posted: Wed Apr 21, 2010 10:30 pm    Post subject: Like 0 Dislike 0 thank you Sara for the reply. Is it better to negotiate with Citi, vs. a collection agency? if the 2nd is purchase money loan, wouldn't California CC 550b come into affect thus be a non-recourse loan? thanks again.

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