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raffi
Guest
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Post subject: Charged off second. |
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| The first has been modified. the second charged off. If I cannot pay or settle on the second, does the lein remains on the property? OK. So can the second decide to foreclose after they already charged off. So even if I declare bankruptcy they will not remove the lein? |
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jenkin7
Joined: 04 Jun 2007
Posts: 4537
Location: Hawaii
728.43 Dollars($)
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Post subject: |
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Hi raffi,
The lender charges off the loan only if he thinks he cannot recover the loan balance from you. If he thinks the debt is recoverable, he would not charge it off. Thus, if the lender has charged off and the sold the debt to a third party collection agency, they will not foreclose on the property.
The lien remains on the property, but the collection agency does not foreclose it. They can sue you for non-payment, get a judgment against you and garnish your wages, etc. The second lender is unlikely to foreclose the property after they have discharged the debt and reported it as their loss. If you file bankruptcy, it will discharge the debt and you will not have to pay the collection agency anything to settle the debt. |
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andrea1122
Guest
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Post subject: 2nd mortgage not reaffirmed |
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| Our 2nd mortgage was not reaffirmed in C7 BK 1 yr ago. However, we have not been paying it. Now we are ready to sell the house and move on. The question is why is the debt of the 2nd mortgage not on my credit report? Has it been removed b/c I don't owe it? |
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misspeaches1055
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Post subject: first loan |
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| I payed someone to help me with mortgage loan and I felt she had helped me. But found out that the mortgage company charged off half my mortgage. They said that all I have to pay is 39000.00and the house is mine. It should be payed off in 7yrs. is this true |
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savior70
Joined: 25 Mar 2009
Posts: 1895
Location: Florida
261.84 Dollars($)
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To misspeaches,
The mortgage company has charged off your debt for accounting reasons. They can still come after you to collect the debt or they can also sell it off to a third party collection agency. It seems that they are willing to settle the debt for an amount less than the actual amount owed. If they are serious about the settlement and if they promise they will not come after you for the remainder of the debt, you can go ahead with their settlement offer. However, you should not rely on they say unless you get something from them in writing about the settlement.
To Andrea,
If your second mortgage was discharged through bankruptcy Chapter 7 and you did not reaffirm the loan, you are not personally liable to repay it. It seems that your second lender removed it from your credit report because it has been discharged through the bankruptcy. |
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AnnM
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Post subject: 2nd mortgage charge off |
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| I am in Modifiaction, and have completed the trial periodon the 1st. Now after making payments on this trial and after paying 5 payments the bank has charged of the mortgage. I do have a lawyer and the firm is trying to fix this. Do I have any legal recourse? I am able to make the modifcatiion. |
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jenkin7
Joined: 04 Jun 2007
Posts: 4537
Location: Hawaii
728.43 Dollars($)
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Post subject: |
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Hi AnnM,
If the mortgage company has charged off the debt and sold it to a third party collection agency (CA), you can talk to the CA regarding the payments. They are more likely to work with you because they want you to pay off the debt. You can tell them that if they keep the monthly payments low, you can afford to make the payments. |
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cmbfe
Guest
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Post subject: |
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Hi Jessica, my 2nd mortgage is showing up on my credit report as a charge-off. HOw can I find out the name of the collection agency who is now handling my account? I want to clear this up as soon as possible. Also, because the mortgage is now charged off, does thatm ean that there is an automatic lein on my house? I am current with my first mortgage. Any insight to this would be appreciated. Thanks.
"cbuonopane@revere.mec.edu"
[Email address deactivated as per forum rules.] |
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savior70
Joined: 25 Mar 2009
Posts: 1895
Location: Florida
261.84 Dollars($)
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Post subject: |
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To cmbfe,
If your second mortgage is charged off, it means the lender is going to report this debt as their loss. He may either have sent the debt to the mortgage company’s in-house collections department or have sold it off to a third party collection agency. You can contact your lender and check out who currently holds the right to collect the debt. If the debt has been sold to a collection agency, you can contact them and try and settle the debt for less than owed. The charge-off does not remove the lien from the property. |
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where did the loan go?
Guest
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Post subject: lender have no record of a 2nd loan, where did it go? |
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I'm doing a short sale for another homeowner and trying to satisfy a 2nd lien. I have an old statement that's originated with WAMU, called and spoke with a rep at WAMU/Chase.
Was told the account number does Not come up in their system, and there is no history of it at all.
home owner do not have any updated info about this loan because they no longer live in the house and all letter were returned back to sender.
where and how can i track down this loan?
Thanks,  |
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jenkin7
Joined: 04 Jun 2007
Posts: 4537
Location: Hawaii
728.43 Dollars($)
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Post subject: |
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Hi Guest,
I think the homeowner can check his credit report to find out the status of his loan account. If the original lender does not have any information about this account, chances are that it has been charged off and sold to another company or a collection agency. If the account has indeed been charged off, it should show up on his credit report. |
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Ana S
Guest
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Post subject: Charge off on my second, what should I do? |
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Hello Jessica,
I am modifing my first loan, the second loan was charge off and the agency told me that it's nothing that they can do, but I could continue making the payment if I wanted. Because of all our financial hardship, I was thinking to do a Bankarrusi but I heard it's not wise while you are in modification. So, I stared to settle all the account, but when I call the second loan. They told me that they have already charge off. What do you think is the best thing to do... I feel a scared! if you can help me answer my question, let me know. I thank you for your time.
Thank you! |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2617
Location: MICHIGAN
415.55 Dollars($)
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Post subject: |
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Hi Ana,
If your second loan has been charged off and sold to a collection agency, they will come after you for the debt. You are still in the process of doing a modification on your mortgage. But it is not guaranteed whether you will qualify for the modification or how much it will reduce your monthly payment.
Bankruptcy will affect your credit negatively. So, you should first try to pay off the loans on your own. You can wait for the first lender to respond to your request for the loan modification. In the mean time, you can talk to the second lender and find out if they have sold off the debt to any collection agency. In case it has been sold off, you can talk to the collection agency and try to settle the debt for an amount less than what you originally owe. If none of the options work, you can consider the option of filing bankruptcy.
Thanks,
Jerry |
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enterprise
Guest
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Post subject: 2nd mortgage not registered with land registery |
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| took out second mortgage in jan 2004 sold house in 2007 not enough to pay 2nd mortgage but it was not registered against our house with land registry. not sure where we stand as paperwork states agreement void if not properly registered can you advise |
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anonymous 7
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Post subject: heloc |
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| If the borrower dies and the heloc is in theior name soley and the property is deeded to another person, what happens then? The estate is insolvent. |
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