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I understand now that 2nd mortgage charge offs are still required to be paid. If the collection agency has the responsibility of collecting payments who is the holder of the lien on the property, the collection agency or the original 2nd mortgage holder??

jenkin7 · Posted: Wed Oct 28, 2009 12:26 am Post subject:

Hi Newby,

After the second mortgage is charged off to the collection agency, the original mortgage holder has nothing to do with the debt. The collection agency gets right to collect the debt and take legal actions against you in case of non-payment of debt. After the charge off, the collection agency will hold the junior lien against the property. However, if there is no equity in the property, the second mortgage debt will become an unsecured debt and no such lien will exist.

loanday123 · Joined: 28 Oct 2009 Posts: 16 3.83 Dollars($)

since you are in a hardship you automatically fall in the modification program.
Who does loan modifications?
People who are struggling to make their payments and have a hardship. Your bank is just saying that in your credit it will show as late payment now. You cannot charge off a mortgage.
If you want to save your house there are several ways to do that.
My contact info is in my profile.Please do give me call for a free consultation.
I will tell yo uhow i can lower your monthly payments as well as interest rate and save your house.

brownwalter09 · Joined: 10 Aug 2009 Posts: 37 0.00 Dollars($)

collection agency will be holder of the lien on the property

Guest

My second mortgage in Hawaii went into charge-off for $500k. Can a lien be put on my other properties outside Hawaii?

savior70 · Posted: Tue Dec 08, 2009 6:24 am Post subject:

Hi,

Unless the loan has been forgiven, you will remain responsible for the mortgage debt. The lender can sue you and get judgment against you. They can also put a lien on your other properties to collect the debt, especially in case you owe them a huge amount.

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Second loan charge off