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what the lender will do with the second and third loans after they have been written off

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meshadoboj Joined: 03 Nov 2010 Posts: 1 1.37 Dollars($)	Posted: Wed Nov 03, 2010 2:09 pm    Post subject: what the lender will do with the second and third loans afte Like 0 Dislike 0 I purchased a house for total amount of $347,500 at about 4 years ago.They split the amount in to the three loans:first 243.000, second $70.000 and the third $30.000 aproximately.The second and the third has been written off/charged off in 2008. A year after that some colection agencies start calling and asking to pay.My wife lost the job and we have had qualify for the loan modification.A few days ago I received the package with the 3 months trial payment ,and after that they may or may not do the permanent loan modification.If I accept this trial payment ,what I can do with the remaining two line of credits?I am in the Cailfornia
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Wed Nov 03, 2010 8:32 pm    Post subject: Like 0 Dislike 0 Welcome meshadoboj, The two credit lines have been charged off and has been sold off to a collection agency. Though you get a trial payment for the first mortgage, the collection agencies will contact you for the rest two loans. You will have to negotiate with the collection agency and resolve the matter. _________________ Procrastination is the enemy of your financial success

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