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Niicss
Joined: 03 Oct 2005
Posts: 4834
Location: New Jersey
508.88 Dollars($)
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You can contact your lender and ask him to let you know about the collection agency. In case the lender does not let you know about the CA, then you can wait for their letter. Once they send you the letter, you can start making payment arrangements.
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Good is the Enemy of Great. |
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Marc
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Post subject: second charged off in CA |
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Jessica
Is your answer about what happens to a second mortgage after charge off in need of updating? Isn't it true that the lender is barred from collecting on the second in California - according to bill passed by Congress last year? But, what then happens to the second? I've been told that it remains for 4 (or some say 5) years and then is discharged. No mention if it is written off and a 1099 is issued after said 4 or 5 years. Any idea? |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 808
Location: OHIO
438.43 Dollars($)
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Hi Marc,
The information on second mortgage charge-off is not state-specific and it does not deal only with California where the anti-deficiency laws prevail. It is a general information to help people understand what is a second mortgage and what are its consequences. However, to make it more clear, I'll update the page with a few lines about anti-deficiency state practices on second mortgage.
Thanks for your suggestion. 
With regards,
Jessica
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http://jessica.mortgagefit.com/ |
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freddie
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Post subject: 2nd charge off |
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hi jessica
i have a first and 2nd on my home , the second was charged off and i tried to negotiate a settlement with the bank . the bank is now telling me they had no idea the loan was secured and now they want to start a foreclosure ,do they have the right to do so or have they negotiated in bad faith |
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adonis
Joined: 22 Oct 2005
Posts: 10570
Location: ALASKA
1090.22 Dollars($)
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Hi freddie,
You've mentioned that your second mortgage has been charged off by the lender. In that case, the lender does not own your loan account any more. Thus, he won't be able to foreclose your property. However, the collection agency, to whom your loan was sold off, will be able to take an action against you.
_________________
Procrastination is the enemy of your financial success |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 808
Location: OHIO
438.43 Dollars($)
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Hi Freddie,
I'm a bit surprised to know that the bank isn't aware of the loan being a secured one. Since the loan has been charged off, it implies that the bank isn't interested to collect payments from you anymore. So, the question of a foreclosure to retrieve the payments doesn't arise in this situation.
I'd like to know whether both the loans are taken from the same bank. If they aren't, well then the 2nd mortgage lender can foreclose but he needs to pay the first lender as the latter holds the primary lien on the property.
However, if the bank isn't willing to allow a settlement, then you may negotiate an alternative repayment plan. May be they'll agree to allow it since they'll find you willing to pay off your mortgage. But will it be difficult for you to pay on a monthly basis? What's your financial situation like? Depending upon your income and affordability, you can just propose to pay a certain amount each month to the bank. Perhaps the bank may agree to accept the proposed monthly payment.
Feel free to share further details or ask questions if any.
With regards,
Jessica
_________________
http://jessica.mortgagefit.com/ |
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stuck in Ohio
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Post subject: Lien on Short Sale Property |
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| We were in the process of purchasing a short sale property when the title company found another lein on the property from a credit card company that the sellers owed 18,000. The sellers have no money, no credit, no property so they can't pay off the debt. But the credit card company is not moving on the lein. IF they don't remove the lein can we still buy the home or is going to have to go be foreclosed on ? |
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Niicss
Joined: 03 Oct 2005
Posts: 4834
Location: New Jersey
508.88 Dollars($)
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Though there is a lien on the property, you may buy it. However, you would become responsible for the lien, then. It would be better if you do not buy that property.
_________________
Good is the Enemy of Great. |
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Patti
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Post subject: Charge off |
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Hi,
My question is....my husband lost his job back in October. We had a first with Washington Mutual (now Chase) and a second with Chase. We filed for a loan modification with Chase a requested both loans be put together, refinanced. Well that did not happen and Chase is playing musical negotiator with our loan mod. It is now almost June and nothing. Everytime I talk to them, it's under review, under review and now it's with a forth negotiator. We have not made payments on our loans. We were told by a Chase Customer Service Rep back in October, it was ok not to, that our loan mod would be done before it would be held against us. That never happened and we got so behind, we'll never be able to catch up now....It has bit us in the butt, but we cannot afford to make the original payments any longer anyway. My husband did go back to work the first of the year, but makes a considerable amount of less salery. Anyway Chase sold our 2nd to 3rd party. The only way I know this is they sent us a letter. How long does it take for them to take us to court to get a judgment? I know other people who have been offered to pay there seconds off with a considerable low amount. Is there a chance the 3rd party collection could do that with us. Or is it too late? Can we negotiate with them to do something like that? I am just sick over this. I see no other alternative if they won't than to file bankruptcy.
Thank you
Patti |
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Niicss
Joined: 03 Oct 2005
Posts: 4834
Location: New Jersey
508.88 Dollars($)
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The third party collection agency can negotiate with you. You can contact them and negotiate with them in order to lower your debt amount so that it becomes affordable for you to pay off the loan.
_________________
Good is the Enemy of Great. |
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Donald Wood
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Post subject: second loan short sale charge off |
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| The attorney who negotiated my short sale informed me the debt had been forgiven and that I could go 'on with my life'. A month later the bank notified me I still owed $62,000...which my attorney said was a 'mistake'. After many back and forths, the bank has now charged off the debt and I'm dealing with a collection agency...the bank does not have any signed agreement by me to 'take on' this now unsecured debt. I never agreed to it and, in fact, would have foreclosed had I known since I don't have the money in any event. So what do I do...or what are the options, here, given that the bank signed off on the short sale but did not provide me or my attorney with any documentation that the debt was still owed. |
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Elizabeth
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Post subject: BK |
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I'm on a modification with my first lender but my second has been charge-off..
Can include the charge-off in my BK and if so what would happen with the deed? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10477
Location: Nevada
990.06 Dollars($)
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Hi Donald Wood,
In case of a short sale, the lender will be able to come after you for the deficient balance resulting from the sale. You are liable to pay it off. As the lender has now charged off the mortgage to a collection agency, you will have to negotiate with the collection agency and pay off the dues.
Hi Elizabeth,
As far as I can understand, you will be able to include the charged off account in your bankruptcy filing. You can get it discharged and keep on paying the first mortgage dues as per the payment plan you receive.
Thanks |
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ggman
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Post subject: 2nd on home |
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| My daughter is going through a bad divorce and had to move out of their home, her husband has had the second charged off but will not tell her or her attorney how he just said they chagred it off and he does not know why. Called the lender and they are not providng any informaiton either.. any ideas what happen??? would they just do that for lack of payment without some money given to the bank note at all. thanks |
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adonis
Joined: 22 Oct 2005
Posts: 10570
Location: ALASKA
1090.22 Dollars($)
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Welcome ggman,
The lender has charged off the second mortgage. This means that your account has been assigned to a collection agency who will contact the borrower for the dues. The bank will not deal with the account any longer.
_________________
Procrastination is the enemy of your financial success |
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