Posted on: 27th Oct, 2008 11:53 am
After Deed in Lieu on second home is closed a collector is asking for pmt on 2nd loan, what can I do...I had an 80/20 loans with Chase once I received the Grant Deed documents they only showed the big loan number, when I asked Chase about it they said that the small loan number did not need to be on the paperwork. Now that I signed the property back to them, I have received a letter from a collector requesting for payment of the small loan, What is my options at this point?
Hi al1lepe,
Your query has been answered in the below mentioned link.
http://www.mortgagefit.com/inprocess/about14785.html#65123
Please have a look at it. Hope it helps you.
Sussane
Your query has been answered in the below mentioned link.
http://www.mortgagefit.com/inprocess/about14785.html#65123
Please have a look at it. Hope it helps you.
Sussane
Dear Sussane, in this case Chase already owns the property in question so a junior lien would be put against what? My financial situation at this point is very tight so more than likely I won't be able to make any payments to that collector, what can they do to affect me besides my credit being damaged for the next 7 yrs??
I really appreciate your input so far. Thanks a lot!!
I really appreciate your input so far. Thanks a lot!!
Hi al lepe!
Junior lien can be placed against any other real estate property that you own. Apart from damaging your credit for next 7 years, the collector can also garnish your wages in order to recover the payments.
Thanks.
Junior lien can be placed against any other real estate property that you own. Apart from damaging your credit for next 7 years, the collector can also garnish your wages in order to recover the payments.
Thanks.