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staleyjc · Joined: 13 Nov 2009 Posts: 1 1.30 Dollars($)

I got my 1st loan modified and then they sold my 2nd loan as a charge off to another company. Then I get a letter saying they are going to repo if don't work something out. I contact them every day for past weeks and just get the run around.

I live in CA, it seems crazy that they would mod your 1st loan and then sell the 2nd to be foreclosed on....doesn't this defeat the purpose ?

raymond · Posted: Sun Nov 15, 2009 8:38 am Post subject:

>>doesn't this defeat the purpose ?

No - there's no relationship between your 1st and 2nd. You have an individual note with the Lender of your 1st and 2nd that says they're allowed to foreclosure if you don't pay. Resolving a problem with the Lender of the 1st has nothing to do with your problem with the Lender of your 2nd. He wants to get paid too, as per the Note you signed, and will foreclosure if the Note isn't paid as agreed.

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1st Loan mod, then they sell 2nd as charge off?