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Company Loan Type APR Est. Pmt.

Short Sale and 2nd mortgage charge off

Posted on: 18th Aug, 2008 02:55 pm
We had two mortgages a 1st and 2nd and we asked for a short sale and finally got an offer. The first mortgage has been very good about about working with us but the 2nd mortgage wasn't and I checked my husband's credit last night and the 2nd mortgage had listed it as a charge off. I know that it still means the debt is owed but what I would like to know is, with they still work with a short sale.
Thank you
If they charged off the debt it means they are considering it a loss. In other words they are not expecting to receive any money. Yes, they should be willing to take what you offer. However, you have to be firm with them and let them know that you can only offer them X amount and that is it!
Posted on: 18th Aug, 2008 06:32 pm
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