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I have a home in CALIFORNIA that i use to live in but no longer do, i currently have renters in it. I was given a loan about 5 years ago for the home which i bought for 380,000. I put 80,000 dollars down for the house. I currently owe 325,000 because of neg-am loan putting money on the back end. I have a first mortage for 300,000 and a second for the rest. I haven't paid on either loan for 7-8 months. The first mortgatge company Back of AMerica has not contacted me at all, the second has and i told them i wanted help, they said they couldn't till i defaulted so that is what i did. The second has since given my loan to a debt collection agency. What are my options and what should i do? if there is anyone that has been through this or knows what to do i would love to hear from you.
Thank you good luck to you all

[Email address deleted as per forum rules. Thanks.]

smithsussane · Posted: Thu Feb 04, 2010 8:23 pm Post subject:

Hi Patrick!

Welcome to forums!

If you want to get rid of the property, then you can apply for a deed in lieu of foreclosure with your lender. This will help you sell off the property. Moreover, you won't be liable to pay the balance amount to the first lender. As far as the second loan is concerned, it's been transferred to a collection agency. You will have to negotiate with them and try to pay off the dues.

Feel free to ask if you've further queries.

Sussane

Guest

so, now i owe the debt agency?? how can they do that?? what action can the collection agency take against me?? and how do i stop them from royally screwing me for ever (my credit, my wages, my assets, etc)

Niicss · Posted: Mon Feb 08, 2010 2:17 am Post subject:

As the second mortgage has been charged off, you owe the debts to a collection agency. The collection agency can sue you if you do not pay off your dues. You need to negotiate with them and try and get the amount reduced. You'll then have to pay off the reduced debts.

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