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connie la flower
Guest
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 Posted: Tue Oct 13, 2009 10:56 am Post subject: foreclosure |
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| if the first loan forecloses on me since the 2nd load has been written off and i have a tax loan. should i file bankruptcy, will this clear everything? |
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 Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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| Posted: Wed Oct 14, 2009 1:39 am Post subject: |
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Filing bankruptcy won't clear all your dues. The lender will still hold the lien on the property though you file for a bankruptcy. You will have to pay off the dues to the lender as per your payment plan. If you file Chapter 7 bankruptcy, then you will have to reaffirm the loan and pay it off. If you do not pay the dues, the lender will foreclose the property. Moreover, a bankruptcy does not discharge the back taxes. You will have to clear your back taxes.
_________________
Good is the Enemy of Great. |
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cynthia
Guest
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| Posted: Mon Oct 26, 2009 6:28 pm Post subject: |
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| My mortgage company charged off my loan and said I do not have to pay until someone picks up the loan. Right now I have noone to pay no way to pay if I did either but I was not told anything of having to pay any type of tax other than property tax. I have no idea what is going on or what this really means. Can you explain exactly what I should expect? |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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| Posted: Mon Oct 26, 2009 10:16 pm Post subject: |
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Hi cynthia,
Your lender has charged off the loan. This means that your lender is no longer interested in collecting the dues from you and has sold off your mortgage to a collection agency. The collection agency will in turn collect the dues from you. To know more about charge off, check out the following page:
http://www.mortgagefit.com/know-how/secondloanchargeoff.html
Thanks |
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raffi
Guest
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| Posted: Wed Nov 04, 2009 10:07 am Post subject: |
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| OK Mike! What if I am moving in 5-10 years? What happens to the cloud? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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| Posted: Wed Nov 04, 2009 1:21 pm Post subject: |
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i disagree in part with what you've said jameshogg. a charge off is a financial action on the lender's books, indicating that they don't anticipate receiving payment on the loan. it's not that they're no longer interested in receiving payments; it's that the borrower hasn't paid in such a while that they figure it's a lost cause to expect any further payments.
the money is still owed, and they may not have sent the account (yet) to a collector.
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George M. Akerley
Loan Consultant
860-221-5044 |
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