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2nd loan charged off

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rudraniili2989 Joined: 07 Nov 2009 Posts: 1 1.32 Dollars($)	Posted: Sat Nov 07, 2009 1:13 pm    Post subject: 2nd loan charged off Like 0 Dislike 0 During modification our 2nd mortgage loan was charged off. We called the lender and there was no record of our loan. We were told it was charged off. A few months later after modification of the first mortgage, a collection agency called asking us to pay on the 2nd mortgage. What is the worst they can do to us? The debt is unsecured so can they take us to court and demand payment, garnish our wages, or put a lien on property? Also, if the lender of our second mortgage was subsidized by the government for a bad debt, can that lender still sell our mortgage to a collection company?

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