Posted on: 26th Jun, 2009 11:05 pm
hi samanta,
please help me if you can.my loan is $200.000 .
i stop duing the payment's in september of last year.
80% for the first mortgage and 20% for the second mortgage ,both is with chase .i'm duing a modification with chase for my first mortgage.they already send me the package to apply but they never tell me about my second mortgage .
i'm happy for what they offer me from the first mortgage but i can not accept the offer if they dont do anything about the second mortgage.
i call chase and they told me the second mortgage is in loss recovery but they not explend what is this and they say my second mortage balance is 0 "zero".
i need to know what is loss recovery ???
i need to know if the second mortgage i got to still do monthly payments ??? or they wave the second mortgage? or they wave total balance from second mortgage and i dont have to pay anymore??? etc...but they don help.
i try to call many times and they dont anwser and i got to send the package back by the first of july .
if you know something about please help me.
thank you for your time.
please help me if you can.my loan is $200.000 .
i stop duing the payment's in september of last year.
80% for the first mortgage and 20% for the second mortgage ,both is with chase .i'm duing a modification with chase for my first mortgage.they already send me the package to apply but they never tell me about my second mortgage .
i'm happy for what they offer me from the first mortgage but i can not accept the offer if they dont do anything about the second mortgage.
i call chase and they told me the second mortgage is in loss recovery but they not explend what is this and they say my second mortage balance is 0 "zero".
i need to know what is loss recovery ???
i need to know if the second mortgage i got to still do monthly payments ??? or they wave the second mortgage? or they wave total balance from second mortgage and i dont have to pay anymore??? etc...but they don help.
i try to call many times and they dont anwser and i got to send the package back by the first of july .
if you know something about please help me.
thank you for your time.
Hi fernanda!
Welcome to forums!
You will have to contact your lender and check out if they have forgiven the second loan or charged it off. If they have charged off the loan, then you would be responsible for paying it off to the collection agency. If they have forgiven the debts, then you may have to pay taxes on the forgiven amount depending upon your state laws.
Sussane
Welcome to forums!
You will have to contact your lender and check out if they have forgiven the second loan or charged it off. If they have charged off the loan, then you would be responsible for paying it off to the collection agency. If they have forgiven the debts, then you may have to pay taxes on the forgiven amount depending upon your state laws.
Sussane
Hi Fernanda,
It's good that Chase has offered to modify your first mortgage. Now, what they mean by loss recovery is, they have probably charged off your second mortgage sent it to their Recovery Department. This doesn't mean that you don't owe the balance on the second mortgage. But your servicer at Chase won't make any effort to collect payments on your second loan. The Recovery Department may call you for payments just like collection agencies call debtors and ask for payments on behalf of creditors. So, what I think is, you should contact the Recovery Department instead of calling your servicer at Chase. Talk to the representatives at the Recovery department and negotiate an alternative payment plan for the second loan. If you need some more time to start paying the second loan, request for a suspension of your payments.
I hope you understand that your second mortgage payments aren't waived off completely. And I don't think Chase should say that your second loan balance is "0" because they have sent it to their Recovery Department for collecting your payments.
If you have any other query, please feel free to ask me.
May god bless you.
Samantha
It's good that Chase has offered to modify your first mortgage. Now, what they mean by loss recovery is, they have probably charged off your second mortgage sent it to their Recovery Department. This doesn't mean that you don't owe the balance on the second mortgage. But your servicer at Chase won't make any effort to collect payments on your second loan. The Recovery Department may call you for payments just like collection agencies call debtors and ask for payments on behalf of creditors. So, what I think is, you should contact the Recovery Department instead of calling your servicer at Chase. Talk to the representatives at the Recovery department and negotiate an alternative payment plan for the second loan. If you need some more time to start paying the second loan, request for a suspension of your payments.
I hope you understand that your second mortgage payments aren't waived off completely. And I don't think Chase should say that your second loan balance is "0" because they have sent it to their Recovery Department for collecting your payments.
If you have any other query, please feel free to ask me.
May god bless you.
Samantha
Fernada
Loss Recovery is the confusing buzz term for collection agent or agency.
Although they may have 'zeroed' out your 2nd mortgage, they most likely did not remove it from the title on your property. If you have no equity in the property, Chase sold this loan to a collection company for about 20% or less than the balance of the loan. You'll need to wait for the collection agent/agency to contact you--when they do, they will offer to settle for 1/2 of the face value of the loan...way too much. I have seen 2nd mortgages settled for as little as 6 cents on the dollar once they have gone to collections. I have also had clients complete modifications on their first mortgages and then file bankruptcy on the 2nd once it had gone into collections to get rid of that loan. IF this is what you are thinking about, make sure you get competent legal advice.
Gregg
Loss Recovery is the confusing buzz term for collection agent or agency.
Although they may have 'zeroed' out your 2nd mortgage, they most likely did not remove it from the title on your property. If you have no equity in the property, Chase sold this loan to a collection company for about 20% or less than the balance of the loan. You'll need to wait for the collection agent/agency to contact you--when they do, they will offer to settle for 1/2 of the face value of the loan...way too much. I have seen 2nd mortgages settled for as little as 6 cents on the dollar once they have gone to collections. I have also had clients complete modifications on their first mortgages and then file bankruptcy on the 2nd once it had gone into collections to get rid of that loan. IF this is what you are thinking about, make sure you get competent legal advice.
Gregg
I took over a mortgage that is my father n laws name, He has a first mortgage for 112,000 with bank of america and there is a lien on the title for a second mortgage for 30,000 through green tree financial which was discharged through a bankruptcy. I have proof the second mortgage was discharged through my father n laws bankruptcy. How can I get the lien removed from the title? I would really appreciate an honest feed back.
You need to contact the second mortgage lender and ask them to issue a lien release certificate. This will help you in proving that you do not owe the second mortgage.
Hi,
My second loan got charge off and some investor bought it from them. But the letter I received from investor having more balance amount then what I had with bank. First Mortgage is already modified and I am paying regular payment.
How can I deal with this investor?
Thanks
My second loan got charge off and some investor bought it from them. But the letter I received from investor having more balance amount then what I had with bank. First Mortgage is already modified and I am paying regular payment.
How can I deal with this investor?
Thanks
Hi antripat!
Welcome to forums!
You will have to negotiate with the investor so that he understands your financial hardship and gives you an affordable repayment plan to pay off the dues and get rid of the balance amount.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You will have to negotiate with the investor so that he understands your financial hardship and gives you an affordable repayment plan to pay off the dues and get rid of the balance amount.
Feel free to ask if you've further queries.
Sussane
The mortgage process can be confusing for some homebuyers, especially first time buyers. In the process, laying the important thing is to choose a provider that you want to apply for a mortgage through. You must choose whether to apply directly to the mortgage lender or broker. As a general rule, when you have good credit and solid work experience, you can apply directly to the creditor.