Posted on: 02nd Feb, 2010 06:58 pm
hi,
i need some advice. my rental in california foreclosed in august of last year. i tried to do a short sale but the it fell through, and consequently, the second mortgage didn not get any money. both loans for were used to purchase the home.
i have already received a 1099 for the first mortgage, but the second mortgage sold their loan to a collections agency/mortgage servicer, who is trying to collect the balance.
can someone tell me what options i have regarding the second mortgage? is this a legit claim from the collections agency?
facts
state: california
collections company: real time resolutions inc.
property type: rental
loan type: purchase money
thanks in advance,
david
i need some advice. my rental in california foreclosed in august of last year. i tried to do a short sale but the it fell through, and consequently, the second mortgage didn not get any money. both loans for were used to purchase the home.
i have already received a 1099 for the first mortgage, but the second mortgage sold their loan to a collections agency/mortgage servicer, who is trying to collect the balance.
can someone tell me what options i have regarding the second mortgage? is this a legit claim from the collections agency?
facts
state: california
collections company: real time resolutions inc.
property type: rental
loan type: purchase money
thanks in advance,
david
Hi valor,
The collection agency has the rights to collect the dues from you. If you do not pay off the dues, the collection agency can simply sue you for the debts. In my opinion, you should get in touch with them and negotiate for a payment plan to pay off the dues.
Take care.
The collection agency has the rights to collect the dues from you. If you do not pay off the dues, the collection agency can simply sue you for the debts. In my opinion, you should get in touch with them and negotiate for a payment plan to pay off the dues.
Take care.