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shanefromalabama
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Post subject: Hi anonymous |
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Most likely the CA will not report it to the credit bereau
But you will have a lien through the county
a good rule of thumb is expect to be able to settle for about 25% OF YOUR BALANCE at the high end less ,
meaning if 25% goes over 20 25,000 you can hit em for about 17 -18%
or if you can play a good game with them stating you are at the point keeping your home is no longer in the future unless they are willing to accept a certain number you are comfortable coming up with and then you can start paying the first even if you already have done so
My modification just went through today
from 2034.92 to 1400 on a trial period
I would not accept anything until I had some good feeling about the second
The modification was done through naca.com and I have went ove a year without making a payment on both mortgages
and have a balance left on the second of 90,000 after speaking with the collection with the second they made a first offer of 30,000 and even said that wasnt a firm number
and asked for 100 a month until I countered .
I am not going to pay anything right now , but i will keep in touch with them
i am going to present an offer of 16,800 cash before three months and my modification trial becomes permanent
if the modification does not finalize I will most likely give the house back .
If i can whap off 70,000 debt from the home It will be close to value And I feel comfortable about keeping the home
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to add fyi
i have read where people use these threads to vent as the govenment stole money from them to give to us , everyone has benefited from this crisis accept for the people that purchased homes in the last 5 even ten years , we are the ones stuck with homes that just arent worth what weve got in em
guess we all should went against our economics teachers and bought ferraris instead of Nice homes |
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second mortgage
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Post subject: anonomous |
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hi anonymous
after reading your comments having a home is much more important than good credit statue of limitations sooner or later will keep you from being sued in your state with a collection agency a collection agency doesnt report to a credit bereau a line is on your home and you wont be able to sell your home soon cases will get smaller and courts will catch up foreclosures and garnishments will continue as they have always if your new modification does not allow you save enough money to live a rewarding life I would get past the trial and stay as long as you can prior to the foreclosure If you are able to save money , save as muchas you can and quickly as possible and settle with your second mortgage and the lien will be released to the county then you can stay in the home as long a you want or until your credit is much better and leave it behind you and take advantage of the new great deal in the housing market
the second mortgage may even let you pay as little as $50 dollars a month in good faith as you save for a counter offer to settle with them you will tell them you are waiting for your first mortgage modfication to go into place , as they did not factor in you have a second mortgage because it was reported as charged off and the obama , HARP plan does not account for this being a monthly bill Possible prior to your mod going into a permanent situation you should have your negotiator factor in payments being made the second he cant do anything with the second but he can renegotiate the permanent payment that you can afford You can havethe collection agency send you a bill and usually the bill has back fees on it and shouls show a couple of hundred dollars higher than the original payments I think above said to expect 25%
in fact this may be true but if you have lost income that is not the case they pay 4 0r 5 cents on the dollar try 10% if that above your availability you can try not paying them forever but you will just be renting the house with tax deductable interest . if the modification is low enough and you cant afford to settle i suggest renting out your home for a profit and you your self staying with a family member short term to settle asap and whap a lot of that debt having possible even some equity in your home. |
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loophole larry
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Post subject: procedures |
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when to and when not to settle the second mortgage
First you probable had the first modified now you are wondering if you have to pay the second its been charged off or its not feasible because your hoe isnt worth as much anymore if your home second was charged off you most likeyy wont get a 1099 form to pay taxes on it if so you will get a satisfied loan if your home has been charged off and its now with a collection agency dont get overly excited about settling although if you can do so , but only converse in writing with them making sure they are eager to deal with you not the other way you will have a settled charge off on your credit report for 7 years , you wil first need to try to negotiate this , the only way to get it off is to speak with the origianl lender and try to sttle with them' most likely they want be able to deal with you any further .
if your intent is to get the debt down a little bit so you can get out of the house , you havent helped your situation on a case of bettering your credit .decide if you want to get rid of negative home debt to get right side up in the house or if your plan is to have better credit
you may have the wrong idea when paying off a collection agency |
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desperate
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Post subject: response back |
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| Hi thank you for your response. i am the one here in California that is desperate on this collection agency telling me that i have to make the payments of the 97k. my first mortgage has been modified and its a good payment. I had gotten someone to help out for the modification which they did. i now have this problem with the agency and i do understand what your responses are but the person that helped me said that the bank will send a 1099 but maybe not this year but it will probably go for 2010 just so they can try and collect. she said for me to fill a second form which is a 982(1099misc income) once the lender sends me the 1099 it means that it the bank has written off as a business loss with the IRS. they unare unable to attempt to collect on the amount owed on the second mortgage because its take as a buisness loss(it gives them a credit on filing) and it would no longer even be an active account with them they have been telling me tha t i should not pay the collection agency. i am really confused. could someone help me that has gone through this? the collection agenvy says that if i dont make payments i will get wage garnishment, or the IRS will hold my tax returns and do a lien against the house... please help |
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jenkin7
Joined: 04 Jun 2007
Posts: 4537
Location: Hawaii
728.43 Dollars($)
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Post subject: |
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Hi desperate,
If you owe the debt, the collection agency can come after you and can obtain judgment against you if you do not pay. Once they get a judgment against you, they can garnish your wages and put liens on your other properties. If the debt is cancelled by the bank, they will send you 1099 form. In case they forgive the debt, the forgiven amount will be considered as your taxable income. You may avoid paying taxes on this forgiven debt, if you can prove insolvency. In that case, you can file form 982 and exclude the amount of the cancelled debt from your gross income. |
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desperate
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Post subject: |
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thahks for responding but i dont know what to do because i can barely afford the payment that was just modified and all of the debts that i have i barely have time to make an additional payment. do you know how long it will take before they even garnish wages or goes to lien
desperate |
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jenkin7
Joined: 04 Jun 2007
Posts: 4537
Location: Hawaii
728.43 Dollars($)
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Post subject: |
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Hi desperate,
It is entirely up to your lender or the collection agency if they will try and get a judgment against you to garnish your wages or put lien on your other properties. If they are going to sue you, it will cost them certain amount of money and also some time. They won't sue you unless they think they can collect the outstanding debt from you. If you cannot continue to make payments on your debts, you can consider the option of filing bankruptcy. If you intend to reorganize your debts, you can file Chapter 13, else you can go for bankruptcy Chapter 7 and have your debts discharged. |
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rex
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Post subject: 1099 issued after personal bankruptcy on business credit cd. |
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| I had filed personal bankruptcy back in 2007, one of the debts was a BOA business visa which was dismissed in my bankruptcy. I have just received a 1099 from BOA, am I responsible for this charge? |
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jenkin7
Joined: 04 Jun 2007
Posts: 4537
Location: Hawaii
728.43 Dollars($)
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Post subject: |
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Hi rex,
You do not owe any taxes on the debt that has been discharged through bankruptcy. The mortgage company has cancelled the debt, which is why they have sent you a 1099 form. But you are not entitled to pay any tax on the amount of the cancelled debt. If the debt had not been discharged through bankruptcy, it would have been considered as your taxable income. |
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desperate
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Post subject: thank you jenkin |
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| i had filed for bankruptcy before already i would not like to do that again. i will just wait and see what happens...which i hope for the best. The only way to get rid of all this is to WIN the LOTTERY! i hope that comes true one of these days...I thank you everyone who replied back to me. if anyone else knows something else new please send your comments. |
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help please!
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Post subject: aceleration on second mortage that is charge off |
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My lender just send me a letter that my second mortgage that is already charge off is on a aceleration status and they want $14,000 what is this means?
Can someone please help me?
Thanks. |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2617
Location: MICHIGAN
415.55 Dollars($)
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Post subject: |
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Hi help,
Mortgage acceleration refers to payment of mortgage debt earlier than the scheduled time as mentioned in the agreement. This means you make additional payments and pay off the loan in quick time to save money in interest. However, mortgage agreements often have a clause of acceleration, which allows the lender to call the entire loan amount due even before the loan term ends.
It seems your lender wants to use the clause of acceleration and is demanding a lump sum from you. In case, you have stopped making payments on the second mortgage, contact your lender and check out what exactly they want. If they want you to pay off the loan in full and you cannot do so, ask them to work out a repayment plan so you can pay it off over a certain period of time.
Thanks,
Jerry |
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perplexed
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Post subject: Foreclosure |
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Hi,
The home was foreclosed on in July and is still reporting on the credit report as of 01-10. The balance is far more than I can afford to pay off is bankruptcy the only way out of this since they are still reporting a year and a half later. |
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Nate A
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Post subject: Second Mortgage in a Short Sale |
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Hi Jessica,
I am doing a short sale in which the first mortgage has accepted a reduced price to sell the duplex and the second mortgage has agreed to acccept $15K instead of $70K. The bank for the second mortgage will not provide any paper documenting their agreement to settle or close the second mortgage until we give them the $15K. This seems risky to me and I think I should demand some sort of legal document so they can't come back for the rest of the $70K on the second. Any suggestions? |
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salvador
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Post subject: |
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hi jessica
my second mortgage has ben charged off but we seatle with the ajency and they wave 90% of the loan. and we paid the 10% do we have to paid taxes or the tax reliefe act is going to be applied. thankyou |
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