Posted on: 09th Sep, 2011 05:13 pm
Can a mtge be foreclosed on if its been charged off effect 12/31/09? thru the same company but a different department? now its thru a 3rd party who is asking much much more for a 47k was 300 montly they want 1300.00 but charged off the representative stated house was not in jeopardy since they charged off any advise they want too much monthly i still will talk to a real estate attorney 1st mtge is fine by the way.
hi anitabri,
though the second mortgage has been charged off, the first mortgage lender can foreclose the property and recover as much debts as possible. the lender can come after you for the deficient balance resulting from the sale of the property. if the second mortgage lender has charged off the mortgage, then he may not come after you to foreclose the property anymore. you can definitely have a word with the real estate attorney in this regard.
though the second mortgage has been charged off, the first mortgage lender can foreclose the property and recover as much debts as possible. the lender can come after you for the deficient balance resulting from the sale of the property. if the second mortgage lender has charged off the mortgage, then he may not come after you to foreclose the property anymore. you can definitely have a word with the real estate attorney in this regard.