Posted on: 10th Mar, 2010 05:15 pm
i have two mortgages on my home. i haven't made a payment on both mortgages for 10 months now. the second mortgag has been charged off. the state of nevada has set up a mediation between me and the first mortgage to try and work something out. if we reach an agreement i will begin making payments to the first mortgage. what do i do about the second mortgage that has been charged off. if we dont reach an agreement the house will be forclosed by the first mortgage. what are my options? bankruptcy?
hi gamboa_ruben!
welcome to forums!
as your second mortgage has been charged off to a collection agency, they will collect the dues from you and not the lender. you will have to negotiate with the collection agency in order to get a payment plan so that it become affordable for you to pay off the debt. rather than filing bankruptcy, you should inform the collection agency about your financial situation and negotiate with them so that they may forgive a part of your dues. to know more about second mortgage charge off, check out the given page:
http://www.mortgagefit.com/know-how/secondloanchargeoff.html
feel free to ask if you've further queries.
sussane
welcome to forums!
as your second mortgage has been charged off to a collection agency, they will collect the dues from you and not the lender. you will have to negotiate with the collection agency in order to get a payment plan so that it become affordable for you to pay off the debt. rather than filing bankruptcy, you should inform the collection agency about your financial situation and negotiate with them so that they may forgive a part of your dues. to know more about second mortgage charge off, check out the given page:
http://www.mortgagefit.com/know-how/secondloanchargeoff.html
feel free to ask if you've further queries.
sussane