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2nd mortgage lien holder submit me to collections?

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tcd_4 Joined: 02 Jun 2011 Posts: 1 1.34 Dollars($)	Posted: Thu Jun 02, 2011 6:34 pm    Post subject: 2nd mortgage lien holder submit me to collections? Like 0 Dislike 0 I bought my house on an ARM loan with MI. I then refi it a couple years later to an 80/15 1st and 2nd to get a fixed rate on the 1st and get rid of the MI. Well i feel on hard times and my house is in foreclosure. I got a letter from the 2nd lien holder saying they were sending me to collections. Is this a scare tactic or can they really put me in collections leading to a judgement?
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu Jun 02, 2011 7:44 pm    Post subject: Like 0 Dislike 0 Hi tcd! Welcome to forums! If the second mortgage lender does not receive his payments on time, then he will have the rights to send your account to collections or he can even file a lawsuit against you. Feel free to ask if you've further queries. Sussane
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Fri Jun 03, 2011 7:43 am    Post subject: Like 0 Dislike 0 Your second mortgage lender has apparently decided that due to a lack of equity their lien is not going to be taken out when the foreclosure takes place. As a result, they've no doubt charged off the loan, thereby taking it off their book of assets. Subsequently, they likely sold the debt to the collection agency, thereby reaping a few shekels in return. The collection agency is now in charge, it would appear; and the lender is out of the picture. I would say it's safe to predict that the collection agency might eventually sue if they felt it beneficial to do so. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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