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reomichele · Joined: 01 Nov 2009 Posts: 2 1.45 Dollars($)

We were negotiating a Loan Mod with the 1st TD, (Chase) but the 2nd (Wachovia) was not cooperating so we started the short sale process. Now the 2nd says unless we make a payment they would charge this loan off and sue us for the full balance. This does not make sense as we could never be able to payback such a large 2nd ($300,000). Is it possible to still get a short sale or loan mod with a charged off 2nd?
Thanks

jenkin7 · Posted: Sun Nov 01, 2009 10:37 pm Post subject:

Hi reomichele,

In order to go ahead with the short sale, you need to get approval from both the first and the second lender. If the second lender charges off the debt and sells it to a collection agency, you will be required to negotiate with the agency to get approved for the short sale. How much is your house worth? Do you want to keep your house? If you do, then you can explore the option of filing chapter 13. If the property is worth less than what you owe and the second mortgage is no longer secured by the property value, the second lien could be stripped off your home. Thus, your second loan would be charged off. You can talk with a bankruptcy attorney and check out if this applies to your particular situation.

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2nd TD is charging off, but we want to Short Sale, is it posible to negotiate a Short Sale?