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lovarthur · Joined: 16 Dec 2009 Posts: 1 1.25 Dollars($)

do we automatically get a 1099 from a 2nd mortgage company if we are a charge off and what happens after as we have no equity in home. 1st mortgage is paid up to date.

savior70 · Posted: Thu Dec 17, 2009 6:59 am Post subject:

Hi,

If your second mortgage holder forgives the mortgage balance, they will send you a 1099c form. But they can also charge off the debt and sell it to a collection agency. In that case, the agency will go after you for the mortgage balance. If there is no equity in the property, your home is unlikely to be foreclosed due to the second mortgage. But the second mortgage holder or the collection agency can sue you if you do not pay off the loan.

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If we get a charge off from 2nd mortgage