Second mortgage problem...

Guest

I bought a house in Massachusetts 4 years ago with two mortgages.
The first mortgage belongs to Chase. The second Mortgage used to belong to Litton Loan.
I stopped paying my second Mortgage about 2 years ago. The account was charged off, and was assigned to a collection agency (real time solutions).
Can they take me to court. And, if they do so, what are my options?
I tried to negotiate with them, but the amount I propose they found it very low.
Should I wait more time to see if they reconsider and try to accept a lower payment for the debt?

gmakerley · Posted: Fri Oct 30, 2009 2:08 pm Post subject:

at this point, they have no need to negotiate with you. they have a second mortgage still sitting on your home. why negotiate when you can simply wait for a sale or a refinance?

of course, that's not to say you can't try again...you never know what they'll say, after all.

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