Do I need to pay for second loan even after charge off?

Guest

Just for anyones info. We had an 80/20 loan with the same company. We did a short sale and they agreed to forgive the balance so we got a 1099-C on both loans, but because of the new law, we didn't have to include it as income for taxes.

jameshogg · Posted: Sun Feb 08, 2009 1:12 am Post subject:

Well it's great that your debt was forgiven and you didn't have to pay the taxes too!!

Guest

My client is being told the lien will be released with a Satisfaction if the 2nd mortgage is "charge off"?

smithsussane · Posted: Tue May 26, 2009 9:22 pm Post subject:

Hi eddieinab!

Welcome to forums!

Second mortgage charge off means that the second mortgage lender is not interested in collecting the dues from you. Thus, it has charged off the account. The collection agency will in turn collect the dues from you.

You will have to satisfy the debts and clear the title of the property.

Sussane

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.77 Dollars($)

eddieinab you have to work with collection agency to pay off your debt. Lot of times they will negotiate and settle for lower payment.

Guest

our 2nd was charged off now and we are about to finish up our short sale. this short sale will satisfy the first mortgage, but we just found out about the charge off when we called the bank to negotiate what amount of money they would take to buy off the second. we already live in a different hour. what should we do about paying the second now and can we still try to have the second paid off with the short sale?

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.77 Dollars($)

jaqueline jo

Welcoem to teh forum

If your second is already charged off , that means they have marked it as loss in thier accounts. But it does nto eman that the bank will stop collecting that money. They may transfer this to a collection agency for collection.

Probably since its not been too logn, you can call the bank and see what need to be done to settle that before it goes in to collection It is probably easier to work with the bank than a collection agency

Good luck and feel free to ask

Guest

If a car gets repossed voluntarily can the lender file a 1099c and will the irs be able to take any tax refund I could be getting ?

Posted: Mon Jun 29, 2009 12:31 am Post subject:

In my opinion, the lender can issue a 1099c and the irs can take away any tax refund that you could be getting.

Guest

I was going through foreclosure, and discovered that my 2nd charged me off. I finally figured out my mortgage with my first, and have begun paying again as of 3 months ago. Yesterday, I got a call from a collections agancy that said I owe them $72k. What do I do about this, if you say I don't have to pay. Thanks

jameshogg · Posted: Fri Jul 31, 2009 9:16 pm Post subject:

Hi MW,

A second mortgage charge off does not mean that your second mortgage dues have been forgiven by the lender. You are still liable to pay off the mortgage dues. The collection agency would collect the dues from you. In my opinion, you should negotiate with the collection agency and try to lower your payments. This may help you in paying off the dues.

Thanks

Guest

i recently received a mail from my lender saying to pay them what i owe on the 2nd otherwise it will be in foreclosure.i do owe them for 8 months .My first is with the same lender n is current. can they foreclose my home?

jameshogg · Posted: Thu Oct 08, 2009 11:08 pm Post subject:

Hi jk,

The lender has all the right to foreclose the property if you're unable to pay off the dues. In my opinion, you should contact them and check out if they can give you a payment plan to clear off the dues.

Thanks

boosted95 · Joined: 12 Oct 2009 Posts: 3 1.72 Dollars($)

I am trying to following this as I have a first mortgage in which I am currently in a repayment program on. The second mortgage has been charged off and I have a tax loan as well.

I am considering just getting out of my house completly and moving in with my parents. I owe too much on the house and have too many repairs. So what options do I have?

smithsussane · Posted: Tue Oct 13, 2009 12:28 am Post subject:

Hi boosted!

Welcome to forums!

As far as the tax loan and charge off is concerned, you will have to pay it off. You can negotiate with the collection agency for a payment plan and pay off the dues. In case of your first mortgage, you can apply for a deed in lieu of foreclosure and sell off the property. You won't be liable for the deficient amount resulting from the sale. However, it would lower your credit score by 250 points.

Feel free to ask if you've further queries.

Sussane

All times are GMT - 7 Hours
Previous 1 2 3 4 Next
Page 3 of 4