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
Re: Charged Off My 2nd Mortgage
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samrsmith
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.