Posted on: 03rd Sep, 2010 10:50 pm
has anyone been actually sued by a charged off 2nd mortgage by a third party collector. if yes id like to know what happened. im facing a similar situation where my 2nd has been charged off and my 1st is about to go to foreclosure. also if you have been foreclosed and have a deficiency id like to know if the banks came after you for it or if you just received a 1099. i live in california. thanks everyone.
Hi!
Welcome to forums!
The collection agency has the rights to sue you for the charged off amount. If you do not pay the dues, they can even harass you. The collection agency can even garnish your wages or your savings account if they can get a judgment against you.
If you've received a 1099c form from the lender, then it means that your balance has been forgiven. In that case, you won't have to pay anything to the lender.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The collection agency has the rights to sue you for the charged off amount. If you do not pay the dues, they can even harass you. The collection agency can even garnish your wages or your savings account if they can get a judgment against you.
If you've received a 1099c form from the lender, then it means that your balance has been forgiven. In that case, you won't have to pay anything to the lender.
Feel free to ask if you've further queries.
Sussane