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 moonbird888
Joined: 20 May 2009
Posts: 1
1.43 Dollars($)
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 Posted: Wed May 20, 2009 10:02 pm Post subject: collection on 2nd mortgage after foreclosure |
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| Hello, I have some questions regarding the collections on my 2nd mortgage of a foreclosed house. My house was foreclosed in Dec 2008. 1st mortgage sent my 1099, but 2nd mortgage ($62,000 balance) has used different collection agencies to go after me. I talked to them and gave them my offer. I am willing to pay $2000.00 for them to erase the rest of the balance. The person I talked easily agreed and tell me to issue them the check over the phone. Then She will put a note on my account as" a dispute the remaining balance." I do not trust her. Can some tell me what does a dispute on the balance mean? Will they still be able to go after me after I pay them the $2000.00. Does that me the amount due settled? Will that be the end of the process? Should I pay them now? If yes, what is the most secure way to pay them concerning if there are scams? Do I need to get any paperwork from them? If no, what should I do now? thanks |
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savior70
Joined: 25 Mar 2009
Posts: 1422
Location: Florida
168.75 Dollars($)
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| Posted: Thu May 21, 2009 4:44 am Post subject: |
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Hi moonbird,
Your second mortgage has now become unsecured as the collateral has already been foreclosed by the first mortgage holder. If you do not pay it off, the collection agency can sue you for non-payment. In this situation, borrowers usually enter into a negotiation with the collection agency to settle the debt for less than owed. Once both the parties reach a settlement and you pay off the settled amount, you can request the lender to report the debt to the credit agencies as 'settled as agreed' and remove negative items like late payments, collections etc.
I've never heard something like "a dispute the remaining balance". I don't think you should pay them $2000 because this is not going to help you in any way. The debt would still remain unpaid. Moreover, there has to be some written document signed by your collection agency and you whenever an agreement is reached. You cannot just pay them, depending on their verbal promises. So, before you make them any payment make sure that you get some written documents like a debt settlement agreement letter from them. |
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Moon Bird
Guest
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| Posted: Thu May 21, 2009 8:59 pm Post subject: |
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| thanks a lot for answering. |
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