Posted on: 17th Aug, 2007 08:34 am
I have two mortgages and I went through foreclosure several months ago but was able to get my loan with my first mortgage reinstated. The second lein holder immediately charged off my loan with them and won\'t negotiate at all. What are the rights of the second mortgagor and what are the possible repercussions if I continue only to pay my monthly payment with my first mortgage?
Hi Beatriz!
Welcome to forums!
It is completely the discretion of Suntrust as to whether or not they will give you a subordination agreement. No lender will like to hold the second lien position as chances of recovering the debt in such a situation is reduced.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It is completely the discretion of Suntrust as to whether or not they will give you a subordination agreement. No lender will like to hold the second lien position as chances of recovering the debt in such a situation is reduced.
Feel free to ask if you've further queries.
Sussane
i just was notified that my second loan with HSBC was charged off --my first loan is up to date-- the first loan has my tax/insurance in it-and what is a 1099-c and the consequences --
Welcome cara,
As you have defaulted on your second loan, the lender is no more interested in collecting the dues from you and thus he has assigned your account to a collection agency. This is charge off. You will receive a 1099c if your debt has been cancelled by the lender.
As you have defaulted on your second loan, the lender is no more interested in collecting the dues from you and thus he has assigned your account to a collection agency. This is charge off. You will receive a 1099c if your debt has been cancelled by the lender.
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