Posted on: 27th Oct, 2008 12:28 pm
A DIL was recently closed on my second home in NV, I had an 80/20 loans with Chase. A collector is now after me for payment on 20% loan. Since the property is now owned by Chase, can they still legally require me for payment on that second loan? When they sent me the Grant Deed documents that only showed the 80% Loan Number I called them to request both loans to show but they replied there was no need, that automatically the small loan would be taken care off. I find this action by Chase totally despicable. What is my options at this point??
hi al1lepe!
welcome to forums!
i think chase has charged off your second loan. second loan charge off means that the original lender has sold the loan to a collection agency who will collecting the dues from you. you can contact chase once and ask them if they have charged it off or not. in case they have charged it off, you will have to pay the dues to the collection agency otherwise it may be shown as a junior lien in your credit report. to know more about second mortgage charge off, visit the given link:
http://www.mortgagefit.com/know-how/secondloanchargeoff.html
feel free to ask if you have further queries.
sussane
welcome to forums!
i think chase has charged off your second loan. second loan charge off means that the original lender has sold the loan to a collection agency who will collecting the dues from you. you can contact chase once and ask them if they have charged it off or not. in case they have charged it off, you will have to pay the dues to the collection agency otherwise it may be shown as a junior lien in your credit report. to know more about second mortgage charge off, visit the given link:
http://www.mortgagefit.com/know-how/secondloanchargeoff.html
feel free to ask if you have further queries.
sussane
I really appreciate your input, up until now I've been in the dark on this very important personal issue...
Thanks again!!
Thanks again!!
Hi al lepe!
You are always welcome and if you have further questions regarding mortgage and related issues, you can place the question in the forum. The forum members will be happy to help you.
Thanks.
You are always welcome and if you have further questions regarding mortgage and related issues, you can place the question in the forum. The forum members will be happy to help you.
Thanks.
Just one more question, Chase now owns the property so what is the junior lien put against, because of my very tight financial situation I won't be able to pay the 35K. What is left for me to do, should I just wait the 7 years for this to go away?
Thanks a lot for your input!!
Thanks a lot for your input!!
Hi al lepe!
A junior lien can be placed against any real estate property which you own. This will help the lender recover his debts whenever you sell that property.
You can check with the collection agency if they can offer you a loan modification. In this process you will get an alternative payment plan based on easier terms and conditions which will help you to pay off the loan.
Thanks,
Jerry
A junior lien can be placed against any real estate property which you own. This will help the lender recover his debts whenever you sell that property.
You can check with the collection agency if they can offer you a loan modification. In this process you will get an alternative payment plan based on easier terms and conditions which will help you to pay off the loan.
Thanks,
Jerry
Thanks for the advice Jerry, as far as real estate property all I have is a small mobile home, can they go as far as putting a lien on that??
Thanks again!
Al Lepe
Thanks again!
Al Lepe
Hi AlPepe,
The collection agency can place a lien on your mobile home in case you don't pay off the 20% loan. In order to place a lien, the agency will have to get a judgment being approved by the court.
Take Care
The collection agency can place a lien on your mobile home in case you don't pay off the 20% loan. In order to place a lien, the agency will have to get a judgment being approved by the court.
Take Care
Okidoki, Thanks a Lot Sara!