Posted on: 17th Jul, 2010 09:53 am
I had to shot sell my home which I paid $1,078,000 for. I had 2 mortgages the 1st for $834,000 with E trade and a second for $105,000 with E trade.
I put $105,000 down. Due to financial issues I tried to sell the home for 3 years and with the catastrophe decline in the home market I ended up having to shot sell the home. The lender E Trade agreed on $750,000 and we met their price with our buyer. E Trade forgave the 1st mortgage but not the 2nd and yesterday I receive a call from a debt collector requesting I pay the 2nd montage which is at $108,000. I have already lost $128,000 on the property and there is no way I can pay off the 2nd mortgage. Is there any Federal law that limits the time or gives me any support to confront the E Trade which forgave the 1st mortgage but now is coming after me for the 2nd mortgage?
I put $105,000 down. Due to financial issues I tried to sell the home for 3 years and with the catastrophe decline in the home market I ended up having to shot sell the home. The lender E Trade agreed on $750,000 and we met their price with our buyer. E Trade forgave the 1st mortgage but not the 2nd and yesterday I receive a call from a debt collector requesting I pay the 2nd montage which is at $108,000. I have already lost $128,000 on the property and there is no way I can pay off the 2nd mortgage. Is there any Federal law that limits the time or gives me any support to confront the E Trade which forgave the 1st mortgage but now is coming after me for the 2nd mortgage?
after a short sale, the lender has the rights to come after you for the balance dues. it is really good to note that the lender forgave the 1st mortgage. as far as the second mortgage is concerned, you should negotiate with the lender and ask him to forgive the dues or reduce the balance amount so that it becomes affordable for you to pay off the dues.