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.
Posted: Wed Jul 22, 2009 6:45 pm Post subject: Would Chase accept me back?
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.
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
seascape Guest
Posted: Fri Aug 07, 2009 6:53 pm Post subject: Would Chase accept me back?
I need to let the 2nd mortgage go. My tax man said that I need to prove that I'm insolvent. Any suggestions?
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. _________________ Procrastination is the enemy of your financial sucess
seascape72
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