ExpertLaw.com Forums

Charged Off My 2nd Mortgage

Printable View

  • 04-15-2009, 07:48 AM
    samrsmith
    Charged Off My 2nd Mortgage
    My question involves a foreclosure in the State of: MICHIGAN

    Hello,

    I have an 80/20 split mortgage. Both mortgages with the same lender. They have charged off the 20% loan. I will be current on my 80% loan within the next month and will be able to keep up with that payment.

    I need to know that if I do not pay the 20% mortgage, whether or not they can garnish wages, eventually bill me for it after 1st mortgage is paid off, or leave a cloud on my title. Basically whats the worst that can happen if I don't pay the 2nd, smaller mortgage?

    Any help would be so much appreciated!!! Thank you all for reading.

    Sam
  • 04-16-2009, 07:19 PM
    OhMy
    Re: Charged Off My 2nd Mortgage
    Quote:

    Quoting samrsmith
    View Post
    My question involves a foreclosure in the State of: MICHIGAN

    Hello,

    I have an 80/20 split mortgage. Both mortgages with the same lender. They have charged off the 20% loan. I will be current on my 80% loan within the next month and will be able to keep up with that payment.

    I need to know that if I do not pay the 20% mortgage, whether or not they can garnish wages, eventually bill me for it after 1st mortgage is paid off, or leave a cloud on my title. Basically whats the worst that can happen if I don't pay the 2nd, smaller mortgage?

    Any help would be so much appreciated!!! Thank you all for reading.

    Sam

    The second mortgage can foreclose and you can lose the house. A charge off is nothing more then the debt being taken off on the lenders taxes.

    You need to contact the second mortgage and work out a payment plan ASAP. A second loan lender is not quick to foreclose as they wait to see what happens with the first mortgage. If they contact your lender and see that you are not in risk of foreclosure there, then they usually will foreclose.
All times are GMT -7. The time now is 04:27 PM.
Powered by vBulletin® Version 4.2.4
Copyright © 2023 vBulletin Solutions, Inc. All rights reserved.
Copyright © 2004 - 2018 ExpertLaw.com, All Rights Reserved