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Charge off 2nd mortgage

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salcazar Joined: 04 May 2009 Posts: 1 1.00 Dollars($)	Posted: Mon May 04, 2009 2:36 pm    Post subject: Charge off 2nd mortgage Like 0 Dislike 0 My 2nd mortg company will pass my account and their atts to charge off on an investment home. 1- they told me that they could get into my bank accounts and other assets is that true? 2- someone told me that they might issue a 1099 what happens then? and will I still be responsible to pay it off after they issue a 1099 and I pay the taxes on it? 3- what does it mean to charge it off
jameshogg Joined: 20 Dec 2005 Posts: 10164 Location: Nevada 944.24 Dollars($)	Posted: Mon May 04, 2009 8:44 pm    Post subject: Like 0 Dislike 0 Hi salcazar, As you are not paying your dues regularly, the second mortgage lender is not interested to collect it from you anymore. As a result, they are charging off your account. Once they charge off the account, a collection agency will collect the dues from you. If you do not pay the dues to the collection agency, they will sue you. Check out the following link to know more about second mortgage charge off: http://www.mortgagefit.com/discuss/chargeoff-second.html Is your lender planning to forgive your debts? If he forgives the debt, then he will issue a 1099-c and you will have to pay taxes on the forgiven amount. Thanks
fernando Guest	Posted: Tue May 05, 2009 8:45 am    Post subject: charge off Like 0 Dislike 0 what about what they told me that they could get into my bank accounts (there is no $ there anyway) but I find that ouragoes that they can do that or garnish my wages can they do that? also what would you recommend for me to do to get them to issue a 1099 vs charging off the account? thks
adonis Joined: 22 Oct 2005 Posts: 10250 Location: ALASKA 1043.57 Dollars($)	Posted: Tue May 05, 2009 9:40 pm    Post subject: Like 0 Dislike 0 Hi fernando, Yes, they will be able to garnish your wages if you do not pay the required amount. However, in order to garnish your wages or your savings account, they will have to take the permission of the court. Charge off will have a bad effect on your credit report. It would be better if the lender forgives the deficient amount and issues a 1099 for that. Though you'll be responsible for the taxes, depending upon your state laws, the taxes can be removed. _________________ Procrastination is the enemy of your financial success

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