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short sale with 2nd line of credit question

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lilsicilian Guest	Posted: Wed Jan 05, 2011 10:56 am    Post subject: short sale with 2nd line of credit question Like 0 Dislike 0 please help..I have recently sold my home short sale..the first was settled but the econd equity line of credit (which is thru the same lender as the first) in the amount of 220,000 I was just recently told has been internally charged off..Both are thru Chase..the bank negotiator is now telling me that if I pay the bank (chase) $5000..they will give me letter stating that they will not come after me on the line of credit..the first falls under the Anti Deficiency law..it is the 2nd or line of credit that I am concerned about..can someone please help..will the bank come after me if it has been charged off? The home is in California... Thank you _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Wed Jan 05, 2011 8:23 pm    Post subject: Like 0 Dislike 0 Hi lilsicilian! Welcome to forums! Once the account is charged off and sold to a collection agency, the lender will not be able to come after you in order to collect the dues. However, the collection agency can always come after you in order to recover the dues. Feel free to ask if you've further queries. Sussane

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