Posted on: 26th Feb, 2010 02:09 pm
I was told by a person helping me with my modification on my first. They told me to stop paying on my second and that after a year it would be discharged without going bankrupt.
I'd run from that person and hire somebody else to do my modification.
hi rhernandez,
if you stop paying on your second mortgage there's no guarantee that the mortgage will be charged off. even if it is charged off, it does not mean it will be discharged and forgiven. the loan could be sold off to a collection agency and you could be constantly harassed by them for the payments. moreover, the charge off does not remove the lien from the property. if there's some equity in the house, the lender may decide to foreclose the property.
if you stop paying on your second mortgage there's no guarantee that the mortgage will be charged off. even if it is charged off, it does not mean it will be discharged and forgiven. the loan could be sold off to a collection agency and you could be constantly harassed by them for the payments. moreover, the charge off does not remove the lien from the property. if there's some equity in the house, the lender may decide to foreclose the property.
