Posted on: 06th Jan, 2011 11:47 am
I have 2 mortgages that were about to go into foreclosure in Illinois, (an 80/20) my lender was willing to work with me and approved a modification for the 80% loan. I was then told that the other loan would be reviewed and then modified to lower the payment.
I called my mortgage company to get a status of the 2nd loan, and I was told that it was charged off, and they no longer handled the loan. It was then purchased by a debt collector, that eventually (I'm assuming) will try to collect or settle it.
What is the normal process for my situation? Is this collections company just gong to contact me someday and demand full payment or threaten foreclosure? Do I have any legal rights?
I called my mortgage company to get a status of the 2nd loan, and I was told that it was charged off, and they no longer handled the loan. It was then purchased by a debt collector, that eventually (I'm assuming) will try to collect or settle it.
What is the normal process for my situation? Is this collections company just gong to contact me someday and demand full payment or threaten foreclosure? Do I have any legal rights?
welcome taorthal,
the second mortgage has been charged off and sold to a collection agency. this collection agency will contact you in order to recover the sole loan amount. however, you will have to negotiate with them so that you get an affordable payment plan to pay off the dues.
the second mortgage has been charged off and sold to a collection agency. this collection agency will contact you in order to recover the sole loan amount. however, you will have to negotiate with them so that you get an affordable payment plan to pay off the dues.