| Author |
Message |
|
|
Lola
Guest
|
 Posted: Tue Jan 06, 2009 3:31 pm Post subject: 2007 Mortgage forgiveness debt relief act |
|
|
My home was foreclosed on 06/07/2007. The first mortgage was paid off in full by the foreclosure, but nothing went to the second mortgage. Now the second mortgage company is harassing me, and there is no way I can settle this $150,000 debt with my $40,000/yr income.
If they charge-off the account, is it forgivable under the 2007 Mortgage Forgiveness Debt Relief Act?
Right now they are threating to take me to court (this is the first call I have received from them)-- is there any chance they will charge-off rather before they try and garnish my wages? This way, I can file for mortgage forgiveness (and I think I am eligible).
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant |
|
|
 smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
|
| Posted: Tue Jan 06, 2009 9:34 pm Post subject: |
|
|
Hi Lola!
Welcome to forums!
Mortgage Forgiveness Debt Relief Act will come into consideration if the second mortgage lender forgives your debts. If the second mortgage lender charges off your debt that does not mean that your debt is forgiven. It only means that the second lender has sold off your debt to a collection agency who will in turn collect the payments from you. In my opinion, you should speak to the second lender and try to negotiate with them so that they can reduce your payments.
Feel free to ask if you have further queries.
Sussane |
|
|
lola
Guest
|
| Posted: Tue Jan 06, 2009 9:53 pm Post subject: |
|
|
| what are the chances the second mortgage will forgive that debt? If I pay some part in full, will the rest be considered forgiven? |
|
|
Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
|
| Posted: Wed Jan 07, 2009 2:43 am Post subject: |
|
|
Hi lola,
It will depend upon the second mortgage lender whether he will forgive your debt or not. You will have to negotiate with him.
Thanks.
_________________
Good is the Enemy of Great. |
|
|
