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We live in Colorado. We had a 1st and 2nd with First Franklin. It is my understanding that filed a claim on our 2nd with AIG. We worked with them and the 1st was caught up. We didn't make our arranged payments to AIG and they turned it over to collections. We made arrangements to pay on this but it just doesn't seem possible if we want to keep our 1st current with our lender. What can AIG and or their collections company do to us if we can't pay???

thewretched02 · Joined: 23 Jun 2009 Posts: 115 23.92 Dollars($)

I'm sure Gmak or someone else can give you a definitive on this, but from where I'm standing I'd say they have the same rights as a first mortgage holder, i.e. if you can't pay they have the right to sell the property. I believe the difference between first and second mortgages is only the order in which funds are allocated if the property is sold, first mortgage gets their money first, and anything left over goes to the second mortgage holder.

jameshogg · Posted: Tue Oct 20, 2009 11:53 pm Post subject:

Hi bcollins,

As the second mortgage has been charged off, the lender would not collect the dues from you. It is the collection agency which can harass you for the payments. If you do not make the payments, then the collection agency can place liens on your property or garnish your wages in order to recover the dues.

Thanks

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what to do about second mortgage?