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Posted: Wed Nov 04, 2009 10:09 pm Post subject: second loan charge off

I modified my first mortgage and so far paying on time. I am not paying my second for the last 6 month or more. Since I don't think that I will be ablr to keep this house I am planing to do a short sale. I called my second loan and found out that its a charge off. Can I still work on a short sale? what do I need to do? The house worth less than what I owe.

Thanks

gunzijjistaff · Joined: 07 Apr 2009 Posts: 712 4.51 Dollars($)

Yes, you can worn on short sale, Your second mortgage charged of means, lender will assign Debt Collection Agency to collect fund from you. Your loan has not forgive.

Thanks.

jenkin7 · Posted: Wed Nov 04, 2009 11:32 pm Post subject:

Hi Guest,

You can do short sale on the property. But since the second loan has been charged off and sent to a collection agency, you will have to get approval from the collection agency for the short sale. You will have to negotiate with them and convince them to approve the short sale. However, even if the short sale does not pay off the second mortgage, you will be personally liable to pay off the debt. The collection agency will have the right to sue you if you do not pay off the debt.

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second loan charge off