Posted on: 07th May, 2008 08:39 pm
I am a real estate agent. Im working a short sale. the first lender(wamu) I couldnt get to call me back for months. the second lender(chase) settled with me for 3k. Then finally wamu said they would settle, now the second charged off the debt and sent it to collections who said they want a full pay off.
The sheriff sale is tommorrow, minnesota has a 6 months redemption period. If the home is foreclosed and the lender takes the property back deosnt the debt stay with the property and the collectors cant come back after the person?
how does this all work and does anyone have any suggestions, this collector is playing hardball. I dont have to much time and the deal will blow then its dead.
thanks for your help.
The sheriff sale is tommorrow, minnesota has a 6 months redemption period. If the home is foreclosed and the lender takes the property back deosnt the debt stay with the property and the collectors cant come back after the person?
how does this all work and does anyone have any suggestions, this collector is playing hardball. I dont have to much time and the deal will blow then its dead.
thanks for your help.
i have an investment property. i had a 1st and 2nd mortgage with the same lender. i recently got the approval for the loan modification for my 1st mortgage. however, a few days later i received notice that my 2nd mortgage was not going to be modified. the bank then sent me a 1099 for the balance on the second mortgage. then a week later, i receive a letter from an attorney stating that i needed to pay the balance of the 2nd mortgage or they will persue for a jugement. i'm so confused!!! do i have to taxes on the 1099 that was sent? do i still have to payoff the loan even though i received a 1099? or do i have to pay the taxes and payoff the loan? what to do?
Welcome Sunny,
If your second mortgage dues were not forgiven by the lender, then you won't be liable for any taxes. You will have to clear the dues of the second lender or he will sue you for it as informed to you by the attorney.
If your second mortgage dues were not forgiven by the lender, then you won't be liable for any taxes. You will have to clear the dues of the second lender or he will sue you for it as informed to you by the attorney.
IN MY CASE I FILED UNDER CHAPTER 13. I PAID OFF THE SECOND MORTGAGE IN NOVEMBER OF 2004, BUT THE SECOUND MORTGAGE LEAIN HOLDER NEVER MARKED THE LOAN SATITUSFIDE AT THE COURT HOUSE. I FOUND THIS OUT AT THE COLSING TODAY. I RECIEVED A PARCIAL CHECK AND THE BUYERS BROKER IS HOLDING THE AMOUNT EQUAL TO THE SECOUND MORTGAGE. I HAVE FIVE DAYS TO GET PAPERWORK FROM THE LENDER THAT THE LOAN WAS PAID. THE ISSUE: THE PRIMARY MORTGAGE HOLDER IS ALSO THE SECOUND MORTGAGE LIEN HOLDER. THEY JUST PIGGY BACK THE LOAN UNDER A DIFFERENT NAME. NOW BOTH BANKS WERE PURCHASED BY WELLS fARGO AND THERE NOT VERY COOOPERITIVE ABOUT THE ISSUE.
ANY ADDVICE?
ALLEN
ANY ADDVICE?
ALLEN
Hi ALLEN,
You will have to get in touch with Wells Fargo with all the documents pertaining to the second mortgage payments and request them to mark the loan as satisfied. You can even ask your bankruptcy attorney to deal with the lender so that you can get the required paperwork.
You will have to get in touch with Wells Fargo with all the documents pertaining to the second mortgage payments and request them to mark the loan as satisfied. You can even ask your bankruptcy attorney to deal with the lender so that you can get the required paperwork.
we had a second loan with indymac. we filed for chapter 7 bankruptcy, then got a modification on our first loan with indymac and we are current on payments. in the meantime, they sent our second loan to a collection agency. when i called the ca to set up a payment plan they said they could not work with me because we had filed for ch. 7 and therefore, they had to return our second loan to indymac. indymac says they don't have our loan and they assure me the ca has it. the ca says they don't have it. no one will accept a payment on the 2nd loan. thoughts?
Hi TJ!
Welcome to forums!
If you haven't reaffirmed the second mortgage in your bankruptcy filing, then you're not personally liable for paying off the mortgage. If it has got discharged, then I don't think that the lender will come after you to get back the dues.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If you haven't reaffirmed the second mortgage in your bankruptcy filing, then you're not personally liable for paying off the mortgage. If it has got discharged, then I don't think that the lender will come after you to get back the dues.
Feel free to ask if you've further queries.
Sussane
Hi Sussane,
Wow. That's very good news. So, do you think we need to be concerned about anything regarding our house? As I said, we are current on our first loan and Indymac remodified for us at a great rate. I guess I just wonder why they would be willing to let a $50,000 loan just disappear, especially considering we wanted to pay it. I'm not complaining, believe me, I just can't believe it. Is there any chance they might come after us later, or should we be worried about losing our house down the road? Thank you so much!
Wow. That's very good news. So, do you think we need to be concerned about anything regarding our house? As I said, we are current on our first loan and Indymac remodified for us at a great rate. I guess I just wonder why they would be willing to let a $50,000 loan just disappear, especially considering we wanted to pay it. I'm not complaining, believe me, I just can't believe it. Is there any chance they might come after us later, or should we be worried about losing our house down the road? Thank you so much!
Hi TJ,
If the mortgage was sold off to collection agency prior to your bankruptcy filing and if you had included that account in your bankruptcy, then it will get discharged and you won't be liable for paying it.
If the mortgage was sold off to collection agency prior to your bankruptcy filing and if you had included that account in your bankruptcy, then it will get discharged and you won't be liable for paying it.
The second loan was sold off to the CA after our bankruptcy. It was not included in the bankruptcy. We still have our house and are current on our first loan. Do you think we still are not liable for the second loan? The CA said they could not handle our second loan because of our bankruptcy. Perhaps it doesn't matter that the second loan wasn't included in the bankruptcy?
Hi TJ!
Welcome to forums!
You will have to check out whether or not the second mortgage was discharged in your bankruptcy filing. If yes, then you won't be liable for paying the loan any more.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You will have to check out whether or not the second mortgage was discharged in your bankruptcy filing. If yes, then you won't be liable for paying the loan any more.
Feel free to ask if you've further queries.
Sussane
After reading client posts and reply's from other forum writers, there is simple: A solution to everything! You need to know what the best options are for you. Do a little homework ask the right questions and don't give in to hounding collection agencies... That is their job to scare you into paying even if you cannot. Collection agencies always violate laws and most consumers don't even know it! Ivist the Fair Trade commissions website to educate yourself... It is always best to settle a charge off and work out some type of payment plan, if you have a lot of debt and the house sells for less than what you owe they may still be able to seek the difference or all of it. Deed in lieu if you have a sale date already won't work you ran out of time.
what does a second mtg chare off means?can my home still go in to forclosure?
Hi denise!
Welcome to forums!
The second mortgage lender is no more interested in collecting the debt from you and has thus charged off the account and assigned/sold off your account to a collection agency. The collection agency can come after you for the debts. The first lender can foreclose the property if he does not receive his payments on time.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The second mortgage lender is no more interested in collecting the debt from you and has thus charged off the account and assigned/sold off your account to a collection agency. The collection agency can come after you for the debts. The first lender can foreclose the property if he does not receive his payments on time.
Feel free to ask if you've further queries.
Sussane
I filed a chapter 13 in 2000 converted to a 7 in 2006. I also had a 2nd mortage on my home. It was charged off by dietech, the debt was sold to Cadlerock Venture a ca. I paid $15,000.00 on this debt of 18,000.00 during my 13. Now in 2013 they are selling my home at sherriff sale, that is the collection agency. They say the debt is for $24,000.00 how is this legal?
Hi Lindasw!
Welcome to the forums!
If you have paid off the debt while you were in bankruptcy, then they cannot sell off your home now. You should speak to your bankruptcy attorney and try to sort out the matter.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
If you have paid off the debt while you were in bankruptcy, then they cannot sell off your home now. You should speak to your bankruptcy attorney and try to sort out the matter.
Feel free to ask if you've further queries.
Sussane
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