Posted on: 26th Mar, 2009 03:37 pm
I had a 80/20 loan with the same bank they sent the 20 portions to a collection agengcy and made forberanceagreement for modification on the first can I still be forclosed because the second is still diliquent
hi adoraadora,
your second loan has been charged off. a collection agency will now collect the dues the from you. if you do not pay off the second mortgage, the collection agency can sue you for the amount. as far as the first mortgage is concerned, you'll have to make the payments according to new repayment plan given to you. if you don't, then your property will be foreclosed upon.
thanks
your second loan has been charged off. a collection agency will now collect the dues the from you. if you do not pay off the second mortgage, the collection agency can sue you for the amount. as far as the first mortgage is concerned, you'll have to make the payments according to new repayment plan given to you. if you don't, then your property will be foreclosed upon.
thanks
first mortage forclosed. Neither would help me save my home.No late payments until disaster struck. Second mortage kepty saying wait to see what first mortage does. Well it was sold. Almost two years later now second mortage bank wants there money. I barely make ends meet. can they garnish my wages? What can I do now.
Welcome ann,
The second mortgage lender has the rights to collect the balance amount from you though your property is sold off at an auction. You should contact them and let them know about your financial hardship and request them to forgive your dues. If the lender forgives the balance amount, then you won't be liable for payments. However, it should be the lender's discretion whether or not he would consider your request regarding forgiving the balance amount.
The second mortgage lender has the rights to collect the balance amount from you though your property is sold off at an auction. You should contact them and let them know about your financial hardship and request them to forgive your dues. If the lender forgives the balance amount, then you won't be liable for payments. However, it should be the lender's discretion whether or not he would consider your request regarding forgiving the balance amount.