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Debbie
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Subject: Charge off 2nd mortgage as of 04/07, now in Foreclosure
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Fri Feb 20, 2009 1:35 pm
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| We had 1st and 2nd mortgages with GMAC/ DITECH. We had a loan modification 03/07 and the 2nd mortgage went into a charge off status 04/07. We have been current on our 1st mortgage for 24 months. We received foreclosure notices from a mortgage company we have never heard if stating we were in default and they were foreclosing .Can a mortgage company buy a mortgage that is in charge off status? If so can they foreclose on us after 24 months, even though we have been current with our loan modification plan?. How can I check to see if this is for real or just a debt collection company trying to collect a bad debt. I notified the recovery dept. and they haven't even got our loan account listed. |
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LT
Joined: 30 Jan 2009
LT's page
Posts: 64
2134 Magic Points
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Fri Feb 20, 2009 3:26 pm
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| You need to send a certified letter to your loan company first requesting whether or not they sold the account or they still have it. Second send the collection agency a validation letter, asking to validate the debt. You need to contact your local goverment and find out if their is a sale date for your property. This is required before sale of a property. This is highly unlikly if you have not gone to court yet. The biggest issue is, it sounds like your saying they are attempting to foreclose on a second mortgage, which they can not do unless they buy the first mortgage. The first mortgage has rights always. Check into the issue, don't stress and make good contacts, with names and numbers. document all calls, letter or meetings. |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4124
1011 Magic Points
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Sat Feb 21, 2009 12:55 am
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| What is a certification letter? Can you send this to any company,even credit card companies, asking if they sold off a debt? I have been here on this forum a while and have not heard of this. Any new information is always great because it can be used to help out someone else if they find themselves in the same situation. |
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LT
Joined: 30 Jan 2009
LT's page
Posts: 64
2134 Magic Points
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Sat Feb 21, 2009 11:37 pm
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| fireyone I don't know if I mislead you, but I'm talking about a certified letter to your creditor. |
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VAS
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Subject: 3rd lien in default
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Fri Sep 25, 2009 5:40 am
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| I invested $ 3rd position in commercial RE new building. Loan in default. Just found out today tenant arranged with 1st position lender to take business out from under owner and leave all other lenders stuck with losses. Tenant said he sent certified letter to owner. Is this legal? What's the purpose of the certified letter? |
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andybell
Joined: 11 Aug 2009
andybell's page
Posts: 17
199 Magic Points
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Fri Sep 25, 2009 5:47 am
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| What would be the crux of that certified letter LT? |
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sunnyca
Joined: 10 Sep 2009
sunnyca's page
Posts: 150
950 Magic Points
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Fri Sep 25, 2009 6:37 am
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| The reason for certified letter is, who ever receives it need to sing and the tenent has the proff that the notice has reached the woner |
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brenda
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Subject: non equity 2nd mortgage charge off sold
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Sat Oct 24, 2009 3:55 pm
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| my second mortgage charged off and I agreed to make $100 monthly payment. The bank has now tranfered the account and given me a new loan number. How will this work for me? Will the loan still be on my condo and why am I given a new loan number? |
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brenda
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Subject: 2nd Mortgage Charge Off and Transferred
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Sat Oct 24, 2009 3:59 pm
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| If my second mortgage is charged off and there is no equity into my home. Why should I pay a new company with a new loan which I did not establish with them. Do they have rights to the property to foreclose as a second lender? |
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debranewell2008
Joined: 10 Oct 2009
debranewell2008's page
Posts: 421
7253 Magic Points
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Sat Oct 24, 2009 4:50 pm
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Hi Debbie,
Are you sure that it was a different mortgage company buying your second mortgage are was it a collection agency. And yes a second mortgage can foreclose on your house if you don't make your payments you owe them. You put your house up as collateral so if they can't get the money from you they get it from selling your house. I tried to modify my first mortgage and they wouldn't even work with me because I had the second mortgage. Now every bank might be different but I know mine wouldn't. |
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Conoverhome
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Subject: 2nd Mortgage
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Sun Oct 25, 2009 6:43 am
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My house has a first and a second mortgage, total amount of the first that is $450,000.00 and the second is around $110,00.00.
Total amount is at $545.00.00. The first is in forecloser but is getting a modification soon. Once the first is modified, can the second foreclose on me? They are both with Provident Funding with seperate investers.  |
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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 3735
10 Magic Points
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Sun Oct 25, 2009 12:13 pm
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| Wow, I am not sure, you should go to the mortgage forum and ask them. You can find it by going to the bottom of the page and hitting the mortgage fit icon. Goodluck, hope you can find some resolution here. |
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debranewell2008
Joined: 10 Oct 2009
debranewell2008's page
Posts: 421
7253 Magic Points
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Sun Oct 25, 2009 1:07 pm
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| In my opinion yes if you don't pay the second mortgage they can.You put up your house for collateral. I'm not a professional so you may want to check with one in your state it could be different there. But my first wouldn't even modify mine as long as I had the second mortgage. You may want to contact your second mortgage and work out a payment plan. They may even reduce your payment. |
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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 3735
10 Magic Points
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Mon Oct 26, 2009 12:09 am
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| I really think that you should visit the mortgage forum, you would get invaluable information there from experts in the industry. These people work in the industry everyday and will not hesitate to help you, please go there and pose your questions as soon as possible. I am not saying you won't get help here, but these guys and gals are experts in the field and really know there stuff. I would go there if I were you. |
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