Posted on: 18th Mar, 2010 04:30 pm
hello, i hope you can help this my question, it would be greatly appreciated. i just recently worked a loan modification with my bank, thinking that the second was included as well. the next day i get a phone call from the bank for the second on the house, which i believe is a home equity loan. they said they can't do anything to help which is truly upsetting. they mentioned that if it wasn't going to get paid it would go down as a charge off. can they foreclose on my home, even though i am still paying on the first?
hi reneeengber!
welcome to forums!
if the lender charges off your second mortgage, then they won't be able to foreclose the property. a collection agency will contact you for the debts and you will have to negotiate with them. if you do not pay them off, then the collection agency will be able to sue you for the debts.
feel free to ask if you've further queries.
sussane
welcome to forums!
if the lender charges off your second mortgage, then they won't be able to foreclose the property. a collection agency will contact you for the debts and you will have to negotiate with them. if you do not pay them off, then the collection agency will be able to sue you for the debts.
feel free to ask if you've further queries.
sussane