Posted on: 01st Sep, 2010 07:16 am
We are in the proccess of buying a house in California. The house is a short sale and the bank on the first approved the short sale. we signed all the final documents but found that the titile shows a 2n in the amount of 120,000. we just found out that the 2nd was charged off. can the bank still collect or can we removed them from the title so we can close
hi lindbergh!
welcome to forums!
the second mortgage lender has charged off the loan. the second lender will not collect the balance amount from you. it is collection agency who will contact you and ask you to pay off the debt asap.
to know more about second mortgage charge off, check out the given page:
http://www.mortgagefit.com/know-how/secondloanchargeoff.html
feel free to ask if you've further queries.
sussane
welcome to forums!
the second mortgage lender has charged off the loan. the second lender will not collect the balance amount from you. it is collection agency who will contact you and ask you to pay off the debt asap.
to know more about second mortgage charge off, check out the given page:
http://www.mortgagefit.com/know-how/secondloanchargeoff.html
feel free to ask if you've further queries.
sussane