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seascape72 · Joined: 19 Apr 2009 Posts: 11 4.00 Dollars($)

I can't pay 2nd mortgage. If it is a charge off, how long can creditors bother me?

sara · Posted: Sat Jul 04, 2009 2:06 am Post subject:

Hi seascape,

If your second mortgage lender charges off the loan, a collection agency will collect the dues from you. If you want to lower your payments, you can negotiate with your collection agency and check out whether or not they would accept your request. Moreover, a collection agency can also sue you if you do not pay the debts.

However, there is a statute of limitations (SOL) which varies from state to state. It is the maximum time limit for a creditor to file a lawsuit and claim the debts from the borrower. Once the SOL period is over, the creditor will not be able to sue you but it can place a lien on your property. So it is always better to pay off the debts.

Take care.

seascape72 · Joined: 19 Apr 2009 Posts: 11 4.00 Dollars($)

Chase has offered to see if I may qualify for a Home Affordable Modification Trial Period Plan! I must make 4 monthly mortgage payments
beginning August 1st. with required documentation. First trial period certified check sent. I have another assigned negotiator. Second mortgage not mentioned.

jameshogg · Posted: Fri Jul 24, 2009 9:56 pm Post subject:

Hi seascape,

It is good that your lender has considered loan modification for at least the first mortgage. As far as the second mortgage is concerned, it will be the discretion of the lender whether he would modify your second loan.

Thanks

Guest

I need to let the 2nd mortgage go. My tax man said that I need to prove that I'm insolvent. Any suggestions?

adonis · Posted: Mon Aug 10, 2009 12:17 am Post subject:

Hi seascape,

Your second mortgage lender will not simply forgive the second mortgage dues. You can negotiate with your lender so that he forgives the second mortgage dues. However, there are chances that he won't forgive the whole amount. He may want you to pay off a certain amount and get the issue resolved.

seascape72 · Joined: 19 Apr 2009 Posts: 11 4.00 Dollars($)

I have been in forbearance since August 2009. Chase to let me know within 30 days if loan modification is approved. Do they ever approve loan mods. for people who receive Social Security Disability with Long Term Disability (from prior job)? 2ND mortgage is a Charge Off & they hold a lien.

adonis · Posted: Mon Feb 22, 2010 1:34 am Post subject:

Hi seascape,

A lender will accept your request for a modification depending upon your financial situation. If the lender is convinced that you would be able to pay off the loan after it's modified, then you would be able get a modification.

seascape72 · Joined: 19 Apr 2009 Posts: 11 4.00 Dollars($)

Thank God! After 10 months of forbearance, Chase has approved the Loan modification. They did take me back! New payment begins 5/1/10 (monthly mortgage and interest rate decreased a little.)

sara · Posted: Mon Apr 19, 2010 1:58 am Post subject:

Congratulations, Seascape!!! It's good to note that your request for forbearance have been finally accepted by the lender.

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Would Chase accept me back?