Posted on: 18th Jan, 2011 11:32 am
i was renting and my house in nashville and it got flooded, fema did not help stating it was my secondary home and i am not able to fix the home or able to pay my mortgage and my home is about to foreclose and my second mortgage company has charged off and sent it to the collections. can any one advice me what will happen next.
Hi Caspase,
The first mortgage lender will foreclose the property in order to recover the dues. He will even come after you for the deficient balance resulting from the property sale. The second loan has been charged off. It means that the second mortgage lender is not interested to collect the dues from you. You need to check out if the lender has sold off the dues to a collection agency. If they have done so, then the collection agency will come after you to collect the dues.
Thanks
The first mortgage lender will foreclose the property in order to recover the dues. He will even come after you for the deficient balance resulting from the property sale. The second loan has been charged off. It means that the second mortgage lender is not interested to collect the dues from you. You need to check out if the lender has sold off the dues to a collection agency. If they have done so, then the collection agency will come after you to collect the dues.
Thanks