Posted on: 16th Aug, 2012 02:08 am
I have a line of credit that is not with the same bank that is holding my morgage. If I can not make the payments on that loan what course of actions does the 2nd bank have?
Hi FBNMR,
The second bank can charge off the loan and assign it to a collection agency who will come after you to recover the debts. This will have a negative impact on your credit.
Thanks
The second bank can charge off the loan and assign it to a collection agency who will come after you to recover the debts. This will have a negative impact on your credit.
Thanks
Hi FBNMR!
Welcome to forums!
I agree with what James has said. Though the second lender has the right to foreclose the property, they prefer charging off the account and assigning it to a collection agency.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I agree with what James has said. Though the second lender has the right to foreclose the property, they prefer charging off the account and assigning it to a collection agency.
Feel free to ask if you've further queries.
Sussane