Posted on: 04th Apr, 2010 12:42 pm
If your 2nd Mortgage is charged-off can the collection agency forclose on your house? In otherwords can they take my house from me? My first mortgage has never been late
Hi mndolz,
After a charge off, the loan becomes an unsecured one. Thus, as far as I know, the collection agency will not be able to come after you for your property. However, they can definitely sue you in order to recover the balance amount.
After a charge off, the loan becomes an unsecured one. Thus, as far as I know, the collection agency will not be able to come after you for your property. However, they can definitely sue you in order to recover the balance amount.