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MILITARY MAN
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Post subject: 2ND MORTGAGE |
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| I have two mortgages on my home one for 210,000 and the 2nd for 50,000. I paid both of them faithfully for 15 months. I got out of the military and had to wait for 18 months to get my Va disability through the Army red tape. Therefore I was unemployed for 18 months doing odd jobs. I kept up with my first mostgage and the 2nd mortgage was sold to in unknown company. I tried on many occasion to contact the mortgage but they went BK and none of the numbers worked. Since that time I had know one to pay, because I did not know where to send the money. Therefore its been 3 years and 8 months since I heard anything from my second mortgager. I recieved a certified letter saying that we owe them 24, 000 dollars by the end of the month or they will foreclose and seek legal action. They also stated that they would not accept no payment plan but only accept the 24,000. What are my options. I just recently rejoin the military in will report on the first of April. |
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military man
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Post subject: statue of limitation |
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what is the statue of limitation to collect a debt on a second mortgage if the company went BK and you had know one to pay.
Could they forclose on my home |
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mike santamaria
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Post subject: my second loan |
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| i have not paid my second loan for 15 month. but i have came to a agreement with my first loan ..what happens to my second one now?? i live in bakersfield ca |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2650
Location: New Brunswick, New Jersey
489.32 Dollars($)
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Post subject: |
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Hi Guest,
The statute of limitations in order to collect the second mortgage dues will vary from one state to another. You can contact an attorney and take his opinion in this regard.
Hi Mike,
You should contact your second mortgage lender and check out what they have done with your loan account. There are chances that the lender would have charged off your loan to a collection agency. You will have to deal with the collection agency.
Take care.
_________________
Find me at FB: http://www.facebook.com/people/Sara-Jones/100002976822020 |
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anonymous78
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Post subject: loan mod |
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| if i stopped paying on the 2nd..and it goes in to charge off..could it affect my current loan modification on my 1st that is in review status. both lenders are telling me that it can be denied |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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Post subject: |
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I don't think that the charged off status of your second loan will affect your chances of getting a loan modification on your first loan. After the second loan is charged off, you will have to negotiate with the collection agency and pay it off.
_________________
Good is the Enemy of Great. |
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Matthew K
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Post subject: Who should I consult with??? |
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Hi Jessica,
I am paying on a home I purchased for $425k that is now worth about
$160k. I have a first and a second that I pay interest only on and I am
essentially a glorified renter. I have always made my payments on time
and have excellent credit. I have gotten no where with my mortgage
companies and now I need to get some objective legal / financial advice
on what my best course of action should be to walk away from this place.
Real estate agents want to short sale, modification specialists want to
argue with the mortgage companies, and bankruptcy lawyers want me to
declare bankruptcy! Who do I trust? Who has knowledge in all of these
fields? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Post subject: |
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Hi Matthew!
Welcome to forums!
You should contact your lender immediately and apply for a deed in lieu of foreclosure as you want to get rid of the property. If the lender is convinced about your financial hardship, he would accept your application for a deed in lieu. However, though you would be able to get rid of the property, it would have a negative impact on your credit report and you would also be liable to pay off the second mortgage if the sale of the property does not satisfy it.
Feel free to ask if you've further queries.
Sussane |
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alex borgess
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Post subject: loan modifaction on first loan |
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| i just got a loan modification on my first mortgage of 416000.my second loan i owe 75000.i have tried to get a loan mod with them to no sucess.i have not paid them in 2 months.what will happen if i continue not to pay the mortgage.my house is woth less than both both loans. THANK YOU FOR YOUR HELP |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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Post subject: |
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If you do not pay the second mortgage dues, the lender will charge off the loan. A collection agency will then contact you and ask for the payments. The charge off will have a negative impact on your credit report. To know more about second mortgage charge off, check out the given page:
http://www.mortgagefit.com/know-how/secondloanchargeoff.html
_________________
Good is the Enemy of Great. |
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Concerned
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Post subject: Second Mortgage |
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| Hi, I have a question, what can happen if I quit paying my second mortgage? Can a bank foreclose on a property (the second mortgage is not with the same lender as on my primary mortgage which is current and up to date). Thanks for your time |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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Post subject: |
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The second lender will have the rights to foreclose the property. However, second lenders do not generally do so as they will have to satisfy the first mortgage lender's dues. However, the second lender will definitely have the rights to charge off the loan. Once the lender sells your account to a collection agency, they'll contact you in order to recover the dues.
_________________
Good is the Enemy of Great. |
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colorado
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Post subject: 2ND Mortgage is being charged off |
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| My house is worth 900k but I owe the 1st mtg of $1,030,000 (ING) and I owe Chase (2nd mtg lender) $230,000 for a total of both liens of $1,260,000. I have filed for a Chapter 7 bankruptcy as well on March 31st, 2010. Chase has charged off the loan, what will happen if I do not work out a settlement with them? I want to stay in the home but they could foreclose on the property (I doubt they will since we owe way more than it's worth) but they still could technically. What is your recommended advice for moving forward and the best way to handle this situation? Since I am claiming Chapter 7 does that help the situation any? Thanks! |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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Post subject: |
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I guess Chase had charged off the loan prior to your bankruptcy filing. as you've now filed bankruptcy, the collection agency will not come after you for the debts. Moreover, as the debts will get discharged, they won't be able to come after you for the payments. As far as your first mortgage is concerned, you should reaffirm it and make the payments on time.
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Good is the Enemy of Great. |
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edbrady
Joined: 10 Apr 2010
Posts: 2
1.68 Dollars($)
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Post subject: Chapter 7 and Second Mortgage |
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Hi everyone;
I filed for Chapter 7 and did not reaffirm my second because the house value will barely cover the first. For the first, I did not reaffirm either; instead I checked the option that allows me to continue paying as usual but did not choose to abandon the agreement as I did with the second. I actually just received a Workout with BofA on my first and have been paying as agreed. My bankruptcy was fully discharged which means my personal liability to pay the second has been removed. Green Tree holds the second and has been calling non stop. I sent them a cease and desist and told them to reach me by mail. What should I do? Will the foreclose when the 1st Leinholder is underwater? They will not receive anything if they foreclose.
Second is approx $90k.
Help?
Ed |
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