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Hi Gang,

My 2nd is under water by over 100K. They are threatening a "Charge Off"

What can they do? If the foreclose they have to service the 1st ($540K) on a home worth $425K

I live in California.

Wondering if their threats are just idle ones?

Thanks,

Rick

adonis · Posted: Thu Dec 02, 2010 11:31 pm Post subject:

Welcome Mr K,

The second mortgage lender can charge off the account and assign it to a collection agency. The collection agency will in turn contact you for the payments. You should contact your second mortgage lender and apply for repayment plan so that it becomes easier for you to pay off the dues and you can save the property.

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