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  1. #1
    Join Date
    May 2010
    Posts
    2

    Default Debt Collector Coming After a Second Mortgage Foreclosure

    My question involves a foreclosure in the State of: Arizona.

    I have undergone foreclosure in the state of Arizona back in August 2008. They were original loans from one company, Ocwen Loans. They held both the 1st and 2nd mortgage. After the home was forclosed the 1st mortgage was cleared. But the 2nd mortgage is not cleared. I received a letter from the debt collection agency about the 2nd mortgage, so I called them to see why am I still responsible for it even after the foreclosure. Now, I called the debt collection agency, and they told me I had to pay the full amount or settle to pay a partial amount, because in my state it is treated as an unpaid debt, they told me just like a credit card debt. What am I supposed to do? Do I have to pay the debt collection agency?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Debt Collector Coming After a Second Mortgage Foreclosure

    As I see it, you can pay, negotiate a settlement, discharge the debt in bankruptcy, or do nothing and see what they do to enforce the debt.

  3. #3
    Join Date
    May 2010
    Posts
    2

    Default Re: Debt Collector Coming After a Second Mortgage Foreclosure

    Quote Quoting Mr. Knowitall
    View Post
    As I see it, you can pay, negotiate a settlement, discharge the debt in bankruptcy, or do nothing and see what they do to enforce the debt.
    Thank you very much for your advice. I'll wait and see what happens if I do nothing.

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