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texaslady
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Post subject: second mortgage in default |
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My husband got our home modified to lower the payment on the new Obama plan, which they reduced the loan amount and interest rate, but the second mortgage was not modified...I thought it was but I found out we still owe on the second which is behind....We owe 350k on firs and 96k on second...can they take my home from me....I am current on my first lien and was not aware of the fact the second was not paid off....what can i do..... :
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Post subject: |
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Hi texaslady,
I would suggest you to contact your second lender and apply for a loan modification. If the lender accepts it, then it would help you save your property. If you do not contact the lender right away, the second lender will have the rights to foreclose the property. However, they generally do not do it as they would become liable to satisfy the first mortgage lender. Hence, they can charge off the loan to collections.
Thanks |
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ussteele
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Post subject: Cancellation of Debt VS. Charge/Off |
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| My debt has been forgiven/ and or Cancelled; Can a creditor report it as still owing to the credit bureau, i.e. a"Charge/ Off debt"? Thank You |
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Roy Steele
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Post subject: Cancellation of Debt VS. Charge/Off |
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| My debt has been forgiven/ and or Cancelled; Can a creditor report it still owing to the credit bureau, i.e. a "Charge/Off "? Thank You |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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Post subject: |
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if it was charged off, then it can certainly be reported as such. what type of debt was this, roy? and please explain the forgiven aspect of it...i don't quite get the concept. as for a cancelled debt - i'd think that means the creditor denies now that it ever existed?
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George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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Roy Steele
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Post subject: Cancellation vs. Charge/Off |
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| My original loans were student-loans, that I received a medical cancellation on, forgiving and discharging my debt (in writing! ) Then my former creditor reports to the credit bureau that I still owe the debt by charging- it -off, and that they are in collections! My question is "are my debts discharged and cancelled, or are they charged-off and still owing"? They can't have it both ways! Thank You |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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Post subject: |
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i agree with you...have you ever tried to marry the documentation you got for the medical cancellation and passed it along to the bank? i don't get what you're describing, but it occurs to me that if the two of them see hwat've you've done with house, it'd serve you better.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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Hi Roy,
Your debts can be discharged only if you had filed bankruptcy. I don't think you've filed bankruptcy. I guess, your lender had charged off the loan and thus a collection agency will now collect the dues from you. If you can't pay it off, the collection agency can file a law suit against you.
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Procrastination is the enemy of your financial success |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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Post subject: |
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wow...was i asleep when i wrote my last comments? they make as much sense as a lot of the others, i suppose, but not to me. i was trying to suggest he take his "cancellation" and provide it to the credit agencies that are reporting the charge-off, as well as to the creditor that's being reported.
i don't think that message seeped through.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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juan jiles
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Post subject: charge off on my truck |
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| My truck is showing as a chargeoff on my credit but I have got cps to give me a settlement off but they are still reporting this as a charge off I'm paying the truck off at a lesser balance. The balance is 14365 and only paying towards a balance of 4250. I just need to know how should I go about gettin them to report this on my credit report. I'm trying to get approved for a home loan and this is making it impossible. Can u give me some advice? |
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jilesmag05
Joined: 25 Dec 2009
Posts: 2
1.41 Dollars($)
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Post subject: charge off on my truck |
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| I have a charge off on my credit report from cps. My truck has never been repossed. They have it listed on my credit report like that. I'm currently paying towards a bal of 4250 instead of the total amount being 14568. What can i ask cps to do to report this as a paid or paid as agreeded each month on my report |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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Post subject: |
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juan, i think you'll have some difficulty with this; you're paying off based on a lower amount than you actually borrowed. but cps lost money in the deal - and they undoubtedly wrote off the difference between your new negotiated amount and the old one. i doubt they'll change the report.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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Bridgit
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Post subject: Charge off debit |
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| In 2001 my boyfriend and I had our vehicle repossessed. He filed bankruptcy and I didn't now its 2009 and I wanted to purchase a home. I pulled my credit report and noticed the vehicle was stated as a charge off/ bad debit. Now it has been eight years since am I still responsible to pay off the loan or does the SOL come into play and I can write a letter to the the three credit breaus to have it removed? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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Post subject: |
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what was the date of the charge off as reported bridgit?
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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WP Themes
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Post subject: Free Wp Themes |
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| Good fill someone in on and this enter helped me alot in my college assignement. Gratefulness you as your information. |
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