Posted on: 11th Apr, 2010 12:33 am
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.
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.
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.
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.
can a second mortgage, after they do a charge off, can they forclose on your home?
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.
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.
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.
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