Posted on: 12th Oct, 2010 10:36 am
my first mortgage was modified and everything is great, but our second mortgage was sold to a collection company.they indicated that we had one year to find a company to pick-up the loan because they were not a mortgage company.the problem is our credit is now poor and we probably cannot be approved anywhere. our property like most americans is upside-down and i am afraid of foreclosure. what should we do?
Welcome kimmieV,
The collection agency may not foreclose your property but it will have the rights to harass you for the payments. In my opinion, you should negotiate with the collection agency and get a payment plan to pay off the dues in an affordable manner.
The collection agency may not foreclose your property but it will have the rights to harass you for the payments. In my opinion, you should negotiate with the collection agency and get a payment plan to pay off the dues in an affordable manner.