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I purchased home using an 80/20 combo loan and never refinanced the loans so both remain purchase mortgages (to my knowledge non-recourse loans). The 1st mortgage and 2nd mortgage were with the same company all along until my 1st was modified. The company agreed to modify my 2nd at the same time but lost the paperwork and only modified my 1st mortgage. Then the company closed and the 2nd was charged off and sold to Greentree. Now GT is harrassing me and threatening lien with wage garnishment. My home is worth less than 1st mtg balance and I am still struggling financially. I am the only one on mortgage notes but husband is on title/deed. Can they garnish both of our wages or just my wages? They offered an $18k settlement on $45k balance, but I don't have any money. Obviously if I had $18k I would not be in this situation. Then they asked me to pay $50 per month with nothing agreed on. Just pay every month and if my situation gets better then we will talk. Well I don't want to start paying on a charged off loan without knowing what I am getting into as I am unsure if it would change the non-recourse status of loan or affect future BKC filing. I am broke and need answers. Anyone know about GA law pertaining to this issue? Thanks

Posted: Tue Aug 31, 2010 7:27 pm Post subject:

Only the govt. can garnish your wages.

Posted: Tue Aug 31, 2010 7:39 pm Post subject:

If they hold the note? Then there is already a lien on the property.Unless you r debt was forgiven and you received 1099C's? Charged off simply means they stop active collection.When they bought the debt they bought the lien.Liens go on the property as soon as you sign the closing docs.They are only removed upon foreclosure,payoff, or forgiveness.Like the post above says. Only Govt. can garnish wages.If it was charged off? You have a couple options. Bankruptcy,payoff, or simply ignore until you can pay it off. Do not agree to sending anything less than a full months payment.Unless you get a agreement in print to sign.They will attach interest to the unpaid and late fees. $50 a month will not even cover those.So the owed debt will continue to rise.They are just strong arming you.They have very little action they can take.They know this.

adonis · Posted: Tue Aug 31, 2010 8:12 pm Post subject:

Hi Guest,

If the second loan has been charged off to a collection agency, then they can harass you for the payments. The collection agency has the rights to collect the dues in full. However, if you file bankruptcy and include the account in it and get it discharged, then the collection agency will not come after you.

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80/20 GA Purchase, 1st modified, 2nd charged off, what now?