Posted on: 09th Nov, 2009 03:32 pm
Question: can my 2nd mortgage company foreclose on my house and kick us out? We are in a modification process with our first and I explained that to my 2nd company and they said they don't care and are not working with us at this point. We stopped making payments because we can't afford to, just received a collection agency notice stating they need us to pay or they will start the foreclosure process.... can they do that? We owe over $490k on the first and $90k on the second.
hi jen,
the second mortgage lender will not foreclose the property anymore as they have charged off the loan. thus, you received the calls from a collection agency for the payments. the collection agency can sue you for the payments. it would be better if you could negotiate with them for payments or settle the dues with them. to know more about second mortgage charge off, check out the given page:
http://www.mortgagefit.com/know-how/secondloanchargeoff.html
thanks
the second mortgage lender will not foreclose the property anymore as they have charged off the loan. thus, you received the calls from a collection agency for the payments. the collection agency can sue you for the payments. it would be better if you could negotiate with them for payments or settle the dues with them. to know more about second mortgage charge off, check out the given page:
http://www.mortgagefit.com/know-how/secondloanchargeoff.html
thanks