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We foreclosed on our home in October 2009. We started getting calls from a collection agency for our second mortgage in late 2009. It scared us to have to pay $35,000 for the second (which was with the same lender as our 1st). We were considering filing for bankruptcy to avoid paying this. As the whole reason we lost our home is because my husband was unemployed for 5 months and I was unable to work, being very pregnant with our 4th child at the time.

So my question is. I just ran our credit yesterday. I don't see a collection on our account for the $35,000. But listed under the lender it says "Collection/Charge off". We have not recieved a collection call for this amount in over 6months. Can they legally collect on this amount in the state of California? I thought I heard that since our 1st and 2nd were with the same lender, they can not. ??? So confused. Why isn't this collection amount showing up on our credit report? Should we go ahead and file BK? Help!

smithsussane · Posted: Thu Jun 17, 2010 9:06 pm Post subject:

Hi KYMBRLEE!

Welcome to forums!

As far as I can understand, the second lender has the rights to sue you for his dues. However, as the property was foreclosed, he has charged off the account and assigned it to a collection agency. Though the exact amount is not mentioned, it is listed under the lender as a "Collection/Charge off" in your credit report. Rather than filing bankruptcy, I would suggest you to get in touch with the collection agency and check out if they can lower the amount so that it becomes affordable for you to pay off the dues.

Feel free to ask if you've further queries.

Sussane

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