Posted: Wed May 13, 2009 11:05 am Post subject: second mortgage
hi...i lived in california, unfortuntately i got behind on my second mortgage and now Wella Fargo has charge off the account and was sent to Tiburon LLC. I spoked to them and ask them if they can help me out to settle this out with some payments. Its was horrible talking to this guys very rude and they told me the only option is to pay the lump sum or they can bring it down to 50% off the balance but have to pay 5 payments only. They also told me that the will foreclose the house with in a week ffrom now. I dont want to sell the house, if i sell the house i still owed them the second loan and might have to pay it again. pls help im stuck right now..
- what the next step to this.
- do i file BK.
So much sleepless night pls help.
Typically the secodn lenders do nto forclose the house. Reason being the first lender gets paid first once the house is sold. Before that if there are any property taxes to be paid, that will be paid first.
If your house is upside down the second lender or your collection agency may not get at the end.
such a nice forum. thank god i found this website.
i'm confuse, when you say the "second lender" is the bank or the collectore or they are the same. by the way thanks for the quick response.
Also I'm leaning on towards bankruptcy seems like is the only way i can think of as of right now..My question is...Can i still keep the house when i file bankcruptcy.
whats is the worst thing they can do if we cannot come up with a settlement.
How long can still live here the property after this charge off.
And last is, Do i have to really worry about this charge off/ collector..
Did you speak to your lender about loan modification? As you want to save the property, loan modification will be the best option for you. It will not only help you in saving the property but will also save your credit.
You can file bankruptcy. But I think it should be your last option. You can file for Chapter 13 bankruptcy. Once your bankruptcy is discharged, the lender would give you a payment plan depending upon your financial situation which will help you in paying off the mortgage dues within 3-5 years. _________________ Procrastination is the enemy of your financial sucess
thanks adonis,
Yes spoke to first mortgage and they were willing to give a loan MOD but i have the send them my hardship letter which im doing it this week. But the second mortgage was place on charge off status by the lender. I could get the collector to settle balance, they told me either pay the whole amount or they will foreclosed the house.
Can the collector agency foreclosed the house or can they file judgement or even put a lien on the house. If so will chapter 13 eliminate my second mortgage.
bankruptcy is certainly an option, and you would be able to retain your home - but check with a bankruptcy attorney to ensure that you know your precise rights.
as for the collector threatening you...the likelihood that they'll follow through on their threats is so miniscule as to be non-existent. second mortgages are very much troubled in this kind of marketplace, with homes losing value and, as pointed out, taxes due and payable as a primary lien on every home. they'd not be successful other than forcing your first mortgagee to bring its own foreclosure action.
they would only do it as punishment to you, but it's a foolish thing for them to even consider, let alone to undertake. _________________ George M. Akerley
Loan Consultant
860-221-5044
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Posted: Thu May 14, 2009 10:20 am Post subject:
thanks george, i'll wait till call me settle with much lower than usual.
For the meantime i will talk to credit counseling and look for an attorney regarding bankcruptcy. thanks
a_manalastas
