Posted on: 30th Jul, 2010 05:21 pm
hello-
we recently closed a short sale on our home in tampa fl, and the terms of the agreement were that the first mortgage would pay $1700 to the second mortgage, and we paid $1900 to release the lien of the second.
now, the remaining balance of the second mortgage has been charged off, and we have negotiated a settlement, but as the lien from the second was "released" can this new company really come after us for the deficiency of the balance, and what was contributed from both the first, and ourselves, to release the lien?
can they put a judgement on us if we don't pay?
thanks for your input!
kristen
we recently closed a short sale on our home in tampa fl, and the terms of the agreement were that the first mortgage would pay $1700 to the second mortgage, and we paid $1900 to release the lien of the second.
now, the remaining balance of the second mortgage has been charged off, and we have negotiated a settlement, but as the lien from the second was "released" can this new company really come after us for the deficiency of the balance, and what was contributed from both the first, and ourselves, to release the lien?
can they put a judgement on us if we don't pay?
thanks for your input!
kristen
Hi kcocozza,
The second mortgage lender has assigned your account to a collection agency who will in turn collect the dues from you. The collection agency can harass you for the payments and may even sue you for it. You need to negotiate with the collection agency and pay them off.
The second mortgage lender has assigned your account to a collection agency who will in turn collect the dues from you. The collection agency can harass you for the payments and may even sue you for it. You need to negotiate with the collection agency and pay them off.