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What will happen if second lender sell my loan to collection company?

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rs1216 Joined: 28 Dec 2009 Posts: 2 1.70 Dollars($)	Posted: Mon Dec 28, 2009 7:44 pm    Post subject: What will happen if second lender sell my loan to collection Like 0 Dislike 0 I live in California. I have two loans on my house ( 80/20). First Lender is Chase and 2nd lender is Citi mortgage. I applied for loan modification to my first lender and second lender. I am 150 days behind the payment for both. I am in process of loan modification with the first lender. They sent me some documents to fill . After filling that documents I faxed back to them.Today I got phone call from second lender if I will not pay my second mortgage then they will send to collection company. Second lender also informed to Credit Companies, it is showing on my credit report. My question is "What will happen if second lender will sell my loan to collection company? ". Thanks and Regards Roger Smith
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Mon Dec 28, 2009 8:51 pm    Post subject: Like 0 Dislike 0 their lien will remain on your home and you'll begin getting calls from the collection agency instead of the lender. that's about all. apparently, that's their stance in this matter. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
noone Guest	Posted: Wed Jan 27, 2010 8:47 pm    Post subject: Sencond sold my home Like 0 Dislike 0 What can i do, my second lender sold my home from under me, they told me they were working on a modificaiton for me.
savior70 Joined: 25 Mar 2009 Posts: 1895 Location: Florida 261.84 Dollars($)	Posted: Thu Jan 28, 2010 6:20 am    Post subject: Like 0 Dislike 0 Hi, Quote: What can i do, my second lender sold my home from under me, they told me they were working on a modificaiton for me. What do you mean by "my second lender sold my home from under me"? Has your lender foreclosed your property and sold it off at an auction to pay off the mortgage? Did you fall behind on your mortgage payments? Are they coming after you for the deficiency from the foreclosure? Can you explain your situation in a bit detail?
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Thu Jan 28, 2010 10:14 am    Post subject: Like 0 Dislike 0 well put, savior; there's far more here than meets the eye, it seems. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
carlos Guest	Posted: Mon Feb 14, 2011 11:09 pm    Post subject: second and third loan no longer in the system Like 0 Dislike 0 i have three loans with chase the 1st was originally from countrywide and the from wamu. I just modified my 1st loan, however before I submitted the RMA I was about to include 1st and second but chase told me that my balance was zero.I don't receive any call for payment form collection companies.What do tou think happened to my loans? I wish they are gone already. thank you

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