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 sanmaiiii
Joined: 18 Nov 2009
Posts: 1
1.38 Dollars($)
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 Posted: Wed Nov 18, 2009 1:44 pm Post subject: 2nd mortgage problem |
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Hi I had a 1st and 2nd mortgage owned by gmac and recently gmac sold the 2nd. I recieved some forms to fill out to start a new payment plan, but they wanted too much and I could not afford to do it. So I have not made any payments for a month on the 2nd because of it. I was sending gmac payments but was behind about $1,000.00. Can the 2nd foreclose on my home if it is owned by a different lender now? This was all included in a chapter 7 about 5 years ago. But I continued to try to catch up and pay, untill this happend. What should I do now?
Thank you so much!!! |
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jenkin7
Joined: 04 Jun 2007
Posts: 4292
Location: Hawaii
677.83 Dollars($)
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| Posted: Wed Nov 18, 2009 10:00 pm Post subject: |
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Hi sanmai,
If GMac has sold the loan to a collection agency, it will no longer collect the mortgage payments from you. The collection agency is now in charge of collecting the debt from you. The lien due to the second mortgage still remains on the property. The collection agency can foreclose on your property to satisfy the lien. I think you should negotiate with the collection agency. You can either settle the debt for a lump sum of money or set up a repayment plan to pay off the debt over a certain period of time. |
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Trinidad
Guest
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| Posted: Fri Nov 20, 2009 9:22 am Post subject: 2nd mtg |
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| Thank you for the reply, when I first spoke to them they said they are a lender not a collection agency. But the loan is for $27k & my home is now worth in todays market about 130k, where it once was 225k. Would it be worth it to them to do this? I would want to pay it back and not lose my home. Thank you for your responses.. |
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savior70
Joined: 25 Mar 2009
Posts: 1778
Location: Florida
238.16 Dollars($)
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| Posted: Sat Nov 21, 2009 3:03 am Post subject: |
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Hi,
| Quote: | | But the loan is for $27k & my home is now worth in todays market about 130k, where it once was 225k. |
It seems the original lender has sold the mortgage to another mortgage company. If your loan is worth only about $27k, it is best for you to negotiate with the new lender and settle the debt for a lower amount. If you cannot come up with a lump sum of money, go for a repayment plan. While there's a first mortgage on the property, it is unlikely that the lender of the second mortgage will foreclose on the property. But they can always file a lawsuit and sue you for not paying off the loan. |
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