Posted on: 29th Jun, 2010 02:42 pm
my first mortage is current, my second is in charge off because they made a payment arrangement then reversed it so the 12 month of paying the lower amount was for nothing.
The 1st is 218,000 the second is 52,000 the house is now worth 180.000 at best . what should I do and can the second foreclose on me and take the house?
The 1st is 218,000 the second is 52,000 the house is now worth 180.000 at best . what should I do and can the second foreclose on me and take the house?
Hi alanglf,
As the second lender has already charged off the mortgage, they won't be able to foreclose the property as they do not own the account any longer. However, the collection agency to whom your account has been charged off can contact you and ask you for the dues. You will have to negotiate with them in this regard and pay off the dues.
As the second lender has already charged off the mortgage, they won't be able to foreclose the property as they do not own the account any longer. However, the collection agency to whom your account has been charged off can contact you and ask you for the dues. You will have to negotiate with them in this regard and pay off the dues.