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benson_tao · Joined: 30 Oct 2009 Posts: 1 1.43 Dollars($)

Hi Everyone,
Thank you for the very informative message threads about the various topics.

I have a few questions for the State of California:

1st Mortgage got put on the Obama HAMP program so it is okay. 2nd Mortgage was charged-off (money purchase loan at a different bank).

From the threads, it looks like the only way to release the lien on the house title is to "settle" the charged-off amount.

With the SOL in California, I understand the timeline that collections agencies have if they want to sue you.

As long as you do not "settle" the account at all, is it true that there will always be a lien on the home?

If I decide to foreclose instead and forget the HAMP program, I understand money purchase loans in California get wiped out for any deficiencies. Will a foreclosure wipe out the 2nd when it is already charged-off? I am assuming it is still secured by the property so it follows the same rule as if the 1st and 2nd went through a straightforward foreclosure.

Thanks!

jameshogg · Posted: Sun Nov 01, 2009 11:32 pm Post subject:

Hi benson_tao,

As the second lender has charged off the loan, you will have to settle the dues with the collection agency and pay off the dues. I guess the charged off loan would be considered as a unsecured debt. So, though your property is foreclosed upon, you would still have to pay the charged off loan. To know more about second mortgage charge off, check out the given page:
http://www.mortgagefit.com/know-how/secondloanchargeoff.html

Thanks

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2nd Mortgage Charge-off, SOL, and Lien Release