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charge off

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Queencanary Joined: 19 Dec 2008 Posts: 1 1.32 Dollars($)	Posted: Fri Dec 19, 2008 1:54 pm    Post subject: charge off Like 0 Dislike 0 I live in California..2 years ago I paid $479,950.00 for my house. It is now worth somewhere between $188,000.00 and $230,000.00 and dropping. I intially was thinking of just walking away, but that I am now late 5 months and my 1st has finally agreed to a loan modification of 5.5 % with a 30 yr fixed. I tried to work with my 2nd mortgage and they won't budge. They are now saying they will send it to a charge off. Does that mean I can pay the 1st and not the 2nd till I sell and still live in the house?
smithsussane Joined: 18 Sep 2008 Posts: 10431 Location: Alaska 984.52 Dollars($)	Posted: Fri Dec 19, 2008 7:54 pm    Post subject: Like 0 Dislike 0 Hi Queencanary! Welcome to forums! Charge off does not means that your second mortgage has been forgiven. It only means that the second lender is not bothered to collect the mortgage dues from you any more and thus, it has sold off your mortgage to a collection agency. Now the collection agency will in turn collect the mortgage from you. To know more about second mortgage charge off, check out the following link: http://www.mortgagefit.com/know-how/secondloanchargeoff.html Feel free to ask if you have further queries. Sussane

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