| Author |
Message |
savior70
Joined: 25 Mar 2009
Posts: 1416
Location: Florida
167.66 Dollars($)
|
Post subject: |
|
|
To curious,
Collection agencies often agree to accept a short payoff. How much they will settle for depends on how successfully you can negotiate with them. If you make an agreement with the collection agency, you can select your payment amount. But the collection agency has to accept that, otherwise they will not enter into the agreement. Once the charge off has been paid in full, it will definitely have a positive impact on your credit. |
|
|
dyuc
Guest
|
|
Post subject: charge off 2nd and 3rd mort |
|
|
We are going through a modification process for our home. The value has gone significantly in our home. Once it was worth 600,000 now its value is 217,000. The modification office advised us the would best way to go is to charge off the 2nd and the 3rd. He mentioned certain things that have been approved in California that would forgive the debt. Anyone know about it?
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant |
|
|
sideways
Guest
|
|
Post subject: short sale |
|
|
| Gotta disagree w/ Caron above. You need to do more than " The only thing is that you need to be confident and have patience." You need to negotiate to pay back what you owe or be ready to deal with a possible lien and/or bad credit rating. Confidence and patience may help but definitely not the only things you need. Money helps. Good negotiating helps. |
|
|
Gina
Guest
|
|
Post subject: When is Mortgage loan charged off? |
|
|
| My 2nd mortgage was charged off after 150 days while I was in a loan modification process. No notice was provided, as I thought it was 180 days. I spoke with the bank and was told that they are regulated to charge off loans at 150 days. What's the statutes? What gov't agency regulates banks process to charge off loans? Bank rep was unhelpful in providing this information. Help!! |
|
|
Guest
|
|
Post subject: |
|
|
| We modified first mortgage but 2nd mortgage did a charge off |
|
|
sunnyca2009
Joined: 04 Aug 2009
Posts: 1737
36.13 Dollars($)
|
|
Post subject: |
|
|
The the lender will send that for collection and you will eb laible to pay the same
But you cna negotiate with the collection agency and work out a payment plan |
|
|
raffi
Guest
|
|
Post subject: |
|
|
| So I am modifiing the 1st. The second charged off. I am keeping the property. So the 2nd lien will remain on the property forever? or until I settle the debt. What if I decide to sell after 10 years? Is the lein still there? or will it eventually drop off? |
|
|
savior70
Joined: 25 Mar 2009
Posts: 1416
Location: Florida
167.66 Dollars($)
|
|
Post subject: |
|
|
Hi,
The second lien will remain on your credit even though the debt has been charged off. You're still responsible for the loan and the collection agency will come after you to recover it. You can negotiate with the collection agency to settle the debt and then get the lien removed from your property. The lien stays on your house until the statute of limitation (SOL) for the debt expires. The time limit for the SOL depends on your state laws. |
|
|
SF
Guest
|
|
Post subject: charge off and short sale |
|
|
during negotiation for a loan mod on my home, which has a 1st and 2nd, the second became "charge off"- the loan mod is comming to a end and depend on what the investor decide to do I may have to short sale my property. what is going to happen to the 2nd.
Another question: if I would file BK, would the second be included in it, and can I still save my house? |
|
|
jenkin7
Joined: 04 Jun 2007
Posts: 3423
Location: Hawaii
512.90 Dollars($)
|
|
Post subject: |
|
|
Hi SF,
If the second mortgage has been charged off and sold to a collection agency, your original second lender does not hold the mortgage anymore. You will have to do the negotiations with the collection agency. You will owe the second mortgage debt, even after you short sell the property. The collection agency will come after you for the balance of the loan.
You can check out the option of filing chapter 13 bankruptcy with a bankruptcy attorney. It will help you reorganize your debts and keep your home. There is a concept of lien stripping in chapter 13, where the second mortgage can be discharged, if the property value is not enough to satisfy the second mortgage. Bankruptcy laws vary in different situations, which is why you need to consult a bankruptcy attorney to know about it. |
|
|
Mortgage Know-How Forum
Previous 1 2 3 4 5 6 7
