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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Hi breadboy!
Welcome to forums!
I guess the second mortgage lender was unable to recover his dues after your property was sold off. In such a situation, you're still liable for paying off the second mortgage dues to the lender or the person whom the loan has been sold off.
Feel free to ask if you've further queries.
Sussane |
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Second Mortgage
Guest
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Post subject: Second Mortgage Charge off 12/2007 |
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| I live in California, a home was purchased 04/2006. First mortgage was $372k and Second mortgage was $93k. The home foreclosed in 10/2007 and it appears as Foreclosure/paid $0 balance on the credit report and will continue on record until Jan 2014. However, the second mortgage escalated to $99,386 and it appears as charged off as of 12/2007 by GMAC. The last payment on the second mortgage was given on 04/2006. The second mortgage item is scheduled to be on record until Jan 2014. I have never been contacted by a collection agency. Now trying to purchase a home and they are requiring that the credit report shows a ZERO ($0) balance on the second mortgage because wage garnishment, levy or lien can occur in the future. Can a collector still come after me now in 2011? Does the statute of limitations to collect a debt in California (4 years) apply to me? How can I have the credit issue fixed to show a ZERO ($0) balance on the second mortgage? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10460
Location: Nevada
987.57 Dollars($)
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Hi Guest,
If the SOL period as per your state laws are over, then the collection agency won't be able to take any legal actions against you but they may contact you and harass you for the debt. You may not be able to show a zero balance on your account as you haven't paid off that debt in full.
Thanks |
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anon
Guest
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Post subject: 2nd mortgage is offering a settlement. should we take it? |
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| got a piggy back loan when we bought our house. the second lender is offering us a settlement and we're not sure if we should try to take the offer. we have an excellent payment history with lender, we are always early on payments and always pay almost double payments. we got the loan 4 yrs ago for 60k, we owe 55,118 now at 5.25% and the settlement amount being offered is 23,750. of course we would have get a loan to pay the settlement amount, and we're wondering if this would hurt our credit at all and if we would be taxed on the remainder of the original loan. any advise? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Hi anon!
Welcome to forums!
If you settle your second mortgage, it might have a negative affect on your credit report and may even lower your credit score. As far as the forgiven debt is concerned, you may be liable for paying taxes on it.
Feel free to ask if you've further queries.
Sussane |
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Berto
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Post subject: 2nd mortgage |
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| I have a second mortgage that I have not been able to pay for quite awhile. The loan has gone into collections, the collection agency has offered me to settle for $.50 on the dollar. While that sounds good, I don't have the kind of money needed to settle. What are my options? Is the collection agency able to give me a better deal that I can afford? I live in Florida... |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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bmac1413
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Post subject: 1099-c |
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| i got a 1099-c im on ssi was in out of hospital with heart,and other problems had no other income but daughters ssi from late wife does this mean i have to move. |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Hi bmac,
As you have received a 1099-c, it means that your debts have been forgiven by the lender/creditor. However, if your property has been foreclosed by the lender, then you will have to leave the property.
_________________
Procrastination is the enemy of your financial success |
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Christine11
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When my house foreclosed 2 years ago, I had both a 1st and 2nd mortgage with Bank of America.
Even through my financial hardship, I never stopped paying the 2nd... until the foreclosure was finalized. And only then because BOFA suddenly closed the account to payments and would no longer allow me to pay!
They sent me a letter shortly after that offered a settlement of 33% basically. However, at the time I did not have the funds to pay this in a lump sum so I did nothing.
Now the account shows as a 'charge off' on my credit report but I'm pretty sure it has been sold to a collector. There is no record on any of my credit reports of who holds this debt now but about a year ago I received communication from a debt collector asking for payment. I did nothing about that either, as I did not have the money at the time. And I have since misplaced that paperwork.
I'm in somewhat of a better place now financially and I'm working towards the goal of owning a home again in the next few years so I want to clean up my credit as best I can.
Any clue how I'd go about finding out who holds this loan now? Can I still bargain with BOFA to settle it or perhaps they might know who holds the loan now?
I have settled my other collections account and one belonging to my husband so, other than paying down some debt I have, this is the big issue on my credit report at the moment.
Help? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10460
Location: Nevada
987.57 Dollars($)
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Hi Christine,
You should check your credit report in order to find out who owns the account. Whether it is owned by a creditor or a collection agency, the account will be reported to your credit report. Once you know the details, you can try and settle the debts with them and get rid of the account.
Thanks |
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L Osborne
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Post subject: short sale -charge off |
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| I have not got a form from BOA 1099- on a short sale-records say Charge Off. Will I need to pay taxes,and also should I let the IRS know about this???I sold the the home in Nov.2011 short sale,my papers say Charge Off |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Hi L Osborne!
Welcome to forums!
You won't have to pay taxes. Rather, the collection agency will come after you to recover the debts. You can set up a payment plan with them and get rid of the debts.
Feel free to ask if you've further queries.
Sussane |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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L Osborne, you had better check with the IRS concerning your having received a 1099 from your lender. A 1099 form is used to report income, and you don't want the IRS breathing down your neck for having failed to report income based on the hearsay of a third party.
You can go online at irs.gov and input your question on their site, or you can call them also. Their phone number is, of course, on their website.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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Lorraine
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Post subject: 2nd charged off ...parents deceased |
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Help.. ...I lost both my parents. The home was into foreclosure so i tired to short sell it. The home was quit claimed to me and recorded properly in the state of Florida. So I am owner of record. If I short sell it do I still need approval from the second ( Chase) which says they charged it off? Will the collection agency go against me...or the new owner of the property? The first is being satisfied in full by short sale.
Can it affect my credit? I was never on the note. THANKS SO MUCH. I AM A WRECK!! |
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