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second mortgage charge off

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billandoly Joined: 11 Apr 2010 Posts: 1 1.00 Dollars($)	Posted: Sun Apr 11, 2010 12:33 am    Post subject: second mortgage charge off Like 0 Dislike 0 We were trying to get a modification on our second mortgage, and never got it, and because there was no payments on the loan for 190 days, Benificial did a charge off. This law firm who we paid in advance to process the modification has not done anything good so far for us. I understand that from reading other charge off situtation on second mortgages we are still owe on that loan. What I would like to know is, if we do not take care of this charge off asap, can the collection agency garnish our pay check or bank accounts? The reason we asked for a modification, was because I became unemployed and in November was told I have breast cancer, so as of November I have not been receiving unemplyment benefits and have been doing cancer treatments. We are still working on the modification on our first mortgage with Chase, they have us on a forebearance payment which is $122.00 more than our normal payment. Our monthly payment is $1,437.29 and now it's $1,579.55. That forebearance will be done on June 1, and it is not for sure if they will even do it.
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Sun Apr 11, 2010 10:42 pm    Post subject: Like 0 Dislike 0 Welcome billandoly, If the collection agency is able to get a judgment from the court, then they would be able to garnish your wages. Without the judgment, they won't be able to garnish your wages. _________________ Procrastination is the enemy of your financial success
Guest	Posted: Sun Apr 18, 2010 12:03 am    Post subject: second mortgage charge off Like 0 Dislike 0 can a second mortgage, after they do a charge off, can they forclose on your home?
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Sun Apr 18, 2010 9:36 pm    Post subject: Like 0 Dislike 0 Welcome Guest, If the second mortgage has already been charged off by the lender, then he does not own your account any further. Thus, he won't be able to foreclose the property. _________________ Procrastination is the enemy of your financial success
Guest	Posted: Tue Apr 20, 2010 10:05 pm    Post subject: Like 0 Dislike 0 we have never gotten any written notice from our second mortgage about the charge off, it was all told to us by phone. It still has not shown up on our credit report. There is a law firm working with us on this, I guess we just wait. We have made an offer to settle part of the charge off, but still no word back from the lender.
RA Guest	Posted: Wed Apr 21, 2010 1:28 pm    Post subject: SETTLE Like 0 Dislike 0 THE NEW OWNER OF THE SECOND MORTGAGE WILL MOST LIKELY SETTLE FOR PENNYS ON THE DOLLAR. i WOULD TRY FOR 10-20 CENTS ON THE DOLLAR

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